“…The human capital theory (Schultz, 1961(Schultz, & 1981 points to the formal education's role in increasing the labor productivity and producing various benefits, individual and societal. Though the higher education return for an individual is economically quantifiable via wages and lifetime earnings (Schultz, 1961;Becker, 1964), investing in people via education additionally provides measurable non-pecuniary benefits to health, fertility, consumption, savings, behavior and societal participation (Hartog & Oosterbeck, 1998;Doyle & Weale, 1994;Solmon, 1975;Becker, 1993;Tran, 2019). The social benefits and spillover effects are regularly reflected in improved public health, lesser crime and poverty, use of technology, and extended benefits to democracy, human rights, political stability, and environment (McMahon, 2010).…”