Just got my proposal for Second Year Policy Analysis being reviewed and, well, criticized by my supervisor. I plan to do some analysis regarding Female Labor Force Participation. One thing he mentioned: education is not endowment. It is a choice variable. It's not "education that creates employment". Instead, it is the (chance of getting) employment that creates the incentive to go for education.
On a different case, but pretty similar, this guy just decided to quit Harvard because the marginal return of another year at Cambridge, MA 02138 is very small (even negative?).