A new approach to the economics of education by incorporating educational, psychological, or sociological perspectives

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This study aims at constructing a theoretical model that captures important factors of human capital accumulation in school education, in a manner that is based on findings in Psychology and Sociology, and on the voice of school teachers. We first reviewed studies in Psychology and Sociology, and interviewed teachers, and clarified that in school education, it is important for students not only to pursue academic achievements but also to acquire "sociability." We also found that in constructing a theoretical model, we should incorporate the concept of "socialization." To clarify the effect of education with taking into account these new perspectives, we constructed the model of human capital accumulation where sociability is one of the integral factors in its accumulation. We found that even if academic achievement improves, when it accompanies the decline in students' sociability, human capital accumulation might be reduced.