This paper is devoted to the rational behavior in the sense of the educational level choice. The theoretical model is based on the discounted flow of personal’s utility function covered the period of the education and future work. Maximizing the flow under the budget constraint we received differential equation included the rate of income grow after the acquisition of education. The solution is the Mincerian type equation. The main result of the model is that the persons with rapid growth of their earnings profile should have the smaller slope coefficients of schooling in the earnings equation. The empirical part of the research is based on the Russian Longitudinal Monitoring Survey (RLMS) data set. The theoretical results have been confirmed by the regression analysis. Splitting the RLMS sample according to the respondents’ wage profiles we received that highly educated agents unlike the unskilled workers have higher income but slighter slope earnings profiles. It means that the workers expected the high growth of their incomes after the schooling are less inclined to receive higher level of education. Otherwise the persons who expected high income on the job start justify their hopes, but come across the low growth of the incomes.
What is education? The issue that seems to be fundamental to our field, is very far from being resolved. Both the practical field and the theory can exist without answering this fundamental question, both can run on intuitive assumptions. However, we are entering a period of changes which are likely to shaken such assumptions. Our collective fundamental beliefs would have been disputed if they were explicit, but as assumptions, they held up enough coherence for us to operate. But now the relationships between humans, and their information, knowledge, and learning have been shifting. The very basic questions can no longer be answered with the silent omission. What is learning? What is teaching? What is education and how it related to schooling? This paper is an attempt to squarely face the issue of the nature of education. While it is does not purport to resolve it, it does show that such conversations are both possible and necessary.