The deeper barrier to escaping poverty is the lack of physical capital: with little capital, the marginal product (and wage) of labor — especially educated women's labor — is low, so educating women has low economic payoff; only capital accumulation raises labor's marginal product enough to make women's education economically inevitable (an Adam Smith point).
causalpending
Speaker
Michael MungerEvidence Quote
“once you start to save and accumulate and you have enough physical capital that raises the marginal product and therefore the wage of labor in particular skilled labor it actually makes it inevitable the the education of women”
Created: 6/17/2026, 10:29:24 AM
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