1

Investasi
Sumber Daya Manusia
Andri Wijanarko
Labor Economics Series

2
Chinese Proverb
Give a man a fish and you
feed him for one day

Teach a man to fish and you
feed him for a lifetime
3
Pendidikan
Lulus SMU
SD
SMP SMU
Mencari jenjang pendidikan lebih tinggi
4
Pasca SMU
Menikah
Bekerja
Kuliah
5
Mengapa Kuliah ?
Disuruh
orang tua
Alasan
Ekspektasi
pendapatan
I kut-ikutan
6
Human Capital
Definition
acquired skills to entering labor
market.
Unique set of abilities and
acquired skills
Assumption
Maximizes the present value of
lifetime earnings
7
HIGHEST GRADE COMPLETED
(USA 1996 - Percent of Population in Education Category)

GROUP
Less than
high
School
High
School
Graduates
Some
College
Associate
Degree
Bachelor
Degee
Advance
Degree
All
Person
18.3 33.6 17.3 7.2 15.8 7.8
Gender
Male
Female

18.1
18.4

31.9
35.1

17.4
17.3

6.6
7.8

16.4
15.1

9.5
6.2
Race
White
Black
Hispanic

17.2
25.7
46.9

33.9
35.1
26.0

17.3
18.8
13.2

7.3
6.7
3.6

16.1
10.0
6.6

8.1
3.6
2.6
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LABOR MARKET CHARACTERISTICS BY
EDUCATION GROUP (ALL-WORKER-1996)
USA
Less than high
School
High School
Graduates
Some College
College
Graduates
Labor Force
Participation
Rate
60.2% 77.9% 83.7% 87.8%
Unemployment
Rate
10.9% 5.5% 4.1% 2.2%
Annual
Earnings US$ 17.430 US$ 24.248 US$ 29.096 US$ 46.552
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Present Value
Keputusan I nvestasi : Gain antara
Current Cost dan Future Returns

Fakta : terdapat perbedaan nilai
antara saat ini dengan yang akan
datang
10
Present Value
Present Value allows us to compare
payment amount spent and received in
different periods
r
y
PV

1
Note :
y Future Value
r Rate of I nterest
11
Present Value
The quantity Present Value
(PV) tells us how much needs to
be invested today in order have
y dollars next year
Period
0 1 2 3 4 5
Value 100.000 110.000 121.000 133.100 146.410 161.051
12
Workers acquire the skill level that
maximizes the present value of
lifetime earnings
Schooling Model
Education and other forms of
training, therefor, are valued only
because they increased earnings
Maximizes Utility
13
Age-Earning Profile
Upah
Usia
18
65
U
SMU
22
- U

U
KUL
14
Biaya melanjutkan pendidikan H
Asumsi : Highly educated more
productive
Employer membayar wage w
COL

untuk mengganti biaya
pendidikan.
Worker akan melanjutkan
pendidikan bila w
HS
< w
COL

Age-Earning Profile
15
Present Value of Age-Earning Profile
Present Value lulusan SMU (bekerja usia
18-64 th):
46 2
) 1 (
...
) 1 ( ) 1 ( r
w
r
w
r
w
w PV
SMU SMU SMU
SMU SMU

16
Present Value of Age-Earning Profile
Present Value melanjutkan pendidikan :

Pendidikan n Melanjutka Biaya
KUL
r
H
r
H
r
H
H PV
3 2
) 1 ( ) 1 ( ) 1 (

Pendidikan n Melanjutka Setelah n Penghasila
KUL KUL KUL
r
w
r
w
r
w
46 5 4
) 1 (
...
) 1 ( ) 1 (

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Present Value of Age-Earning Profile
Contoh :
Asumsi : worker hanya bekerja selama 2
tahun
Earning lulusan SMU : Rp 100.000


r
PV
SMU

1
000 . 100
000 . 100
18
Bila melanjutkan pendidikan 1 th,
kemudian bekerja dengan earning
Rp 250.000 dan biaya pendidikan
Rp 40.000

Present Value of Age-Earning Profile
r
PV
KUL

1
000 . 250
000 . 40
19
Bila Interest : 5% maka :

Present Value of Age-Earning Profile
238 . 195 238 . 95 000 . 100
05 , 0 1
000 . 100
000 . 100

SMU
PV
095 . 198 095 . 238 000 . 40
05 , 0 1
000 . 250
000 . 40

KUL
PV
Karena PV
SMU
< PV
KUL
: Worker melanjutkan pendidikan
20
Bila Interest : 10% maka :

Present Value of Age-Earning Profile
Karena PV
SMU
> PV
KUL
: Worker tidak melanjutkan pendidikan

909 . 190 909 . 90 000 . 100
1 , 0 1
000 . 100
000 . 100

SMU
PV
273 . 187 273 . 227 000 . 40
1 , 0 1
000 . 250
000 . 40

KUL
PV
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Rate of Interest (rate of discount)
berpengaruh terhadap keinginan
melanjutkan pendidikan, dapat berupa
market rate of interest.

Rate of Discount also depends on how we
feel about giving up some of todays
consumption in return for future rewards.

Present Oriented Worker higher rate of
discount


Present Value of Age-Earning Profile
22
The Wage-Schooling Locus
Wage-Schooling Locus
menggambarkan tingkat upah
yang dibayarkan employer untuk
tingkat pendidikan tertentu.

Ditentukan oleh juga equilibrium
pasar (Supply & Demand)


23
The Wage-Schooling Locus
Dollars
Years of
Schooling
12 13 14
20.000
23.000
25.000
18
28.000
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Rata-rata Upah
Pekerja Pria Th. 2005
896.538
332.925
434.955
521.409
640.983
731.785
956.579
979.182
1.204.205
1.446.329
1.717.029
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
1.600.000
1.800.000
R
a
t
a
-
r
a
t
a
T
d
k
/
B
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m

P
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n
a
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.

I
I
I
U
n
i
v
e
r
s
i
t
a
s
Sumber : BPS, Sakernas Tahun 2005
25
Rata-rata Upah
Pekerja Wanita Th. 2005
634.378
187.142
224.856
290.716
453.083
475.690
676.002
769.514
998.390
1.060.401
1.207.982
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
R
a
t
a
-
r
a
t
a
T
d
k
/
B
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m

P
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r
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S
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T
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/
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T
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a
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S
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S

D
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U
m
u
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K
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u
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U
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A

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I
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s
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a
s
Sumber : BPS, Sakernas Tahun 2005
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The Marginal Rate of Return to School
Slope of the wage-schooling locus
(w / s) menyatakan peningkatan
earnings yang diterima apabila
melanjutkan pendidikan.
Menyatakan persentase peningkatan
earnings untuk setiap peningkatan
educational investment.
27
The Marginal Rate of Return to School
Stage 1
Peningkatan $3.000 ($20.000 $23.000)
karena menambah waktu pendidikan 1 th
(12 tahun menjadi 13 tahun).

Peningkatan :

% 15 % 100
000 . 20
000 . 3

28
The Marginal Rate of Return to School
Stage 2
Peningkatan $2.000 ($23.000 $25.000)
karena menambah waktu pendidikan 1 th
(13 tahun menjadi 14 tahun).

Peningkatan :

% 7 , 8 % 100
000 . 23
000 . 2

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Peningkatan semakin kecil
Stage 1 = 15 %
Stage 2 = 8,7 %
The Marginal Rate of Return to School
Worker stop schooling bila :
The Marginal Rate of Return to
Schooling = Rate of Discount
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The Schooling Decision
Rate of
Discount
Years of
Schooling
r
MRR
s
r
s
r = MRR
31
Penduduk usia 15 tahun yang mencari kerja
di Surabaya Th.2003
106910
131859
69276
73968
87014
85404
0
20.000
40.000
60.000
80.000
100.000
120.000
140.000
1998 1999 2000 2001 2002 2003
32
16.118
98.558
18.055
79.114
8.049
135.257
0
20.000
40.000
60.000
80.000
100.000
120.000
140.000
2000 2001 2002
Kesempatan Kerja Pencari Kerja
Perbandingan Pencari Kerja dan
Lapangan Kerja di DKI J akarta
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Kompetensi Sarjana
ORAL COMMUNICATION
WRITTEN COMMUNICATION
Knowledge of Field Knowledge of Technology
Ability to Work
Independently
Ability to Work in
Team Setting
Logical Skill
Analytical Skill
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See you next time