externalities (social returns to education) there exists a range of microloan amounts that are growth depressing and welfare … divert investment away from human capital: by failing to internalize the social returns to education, households …

market. At the same time, education is a time-consuming process, and enrolment and dropout decisions depend on expected … in finding a job. Standard models of job search and education assume that skills can be upgraded instantaneously (and … mostly in the form of on-the-job training) at a fixed cost. This paper models education as a time-consuming process, a …

development. It affects human capital through both religious and secular education. It affects population and labor by influencing …