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Returns to investment in education: a further update

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Author Info
George Psacharopoulos
Harry Anthony Patrinos

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Abstract

Returns to investment in education based on human capital theory have been estimated since the late 1950s. In the 40-plus year history of estimates of returns to investment in education, there have been several reviews of the empirical results in attempts to establish patterns. Many more estimates from a wide variety of countries, including over-time evidence, and estimates based on new econometric techniques, reaffirm the importance of human capital theory. This paper reviews and presents the latest estimates and patterns as found in the literature at the turn of the century. However, because the availability of rate of return estimates has grown exponentially, we include a new section on the need for selectivity in comparing returns to investment in education and establishing related patterns.

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Article provided by Taylor and Francis Journals in its journal Education Economics.

Volume (Year): 12 (2004)
Issue (Month): 2 (August)
Pages: 111-134
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Handle: RePEc:taf:edecon:v:12:y:2004:i:2:p:111-134

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  1. Alan Krueger & Orley Ashenfelter, 1992. "Estimates of the Economic Return to Schooling from a New Sample of Twins," NBER Working Papers 4143, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Tansel, Aysit, 1994. "Wage employment, earnings and returns to schooling for men and women in Turkey," Economics of Education Review, Elsevier, vol. 13(4), pages 305-320. [Downloadable!] (restricted)
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  3. Bennell, Paul, 1996. "Rates of return to education: Does the conventional pattern prevail in sub-Saharan Africa?," World Development, Elsevier, vol. 24(1), pages 183-199, January. [Downloadable!] (restricted)
  4. Appleton, S. & Balihuta, A., 1996. "Education and Agricultural Productivity: Evidence from Ouganda," Working Papers Series 96-5, Centre for the Study of African Economies, University of Oxford.
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  5. Colm Harmon & Ian Walker, 1996. "The marginal and average returns to schooling," IFS Working Papers W96/11, Institute for Fiscal Studies.
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  6. Christopher A. Pissarides, 2000. "Human Capital and Growth: A Synthesis Report," OECD Development Centre Working Papers 168, OECD, Development Centre. [Downloadable!]
  7. Schultz, Theodore W, 1975. "The Value of the Ability to Deal with Disequilibria," Journal of Economic Literature, American Economic Association, vol. 13(3), pages 827-46, September. [Downloadable!] (restricted)
  8. Filer, Randall K. & Jurajda, Stepan & Planovsky, Jan, 1999. "Education and wages in the Czech and Slovak Republics during transition," Labour Economics, Elsevier, vol. 6(4), pages 581-593, November. [Downloadable!] (restricted)
  9. Alan B. Krueger & Mikael Lindahl, 2000. "Education for Growth: Why and For Whom?," NBER Working Papers 7591, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Daron Acemoglu & Joshua Angrist, 2001. "How Large are Human-Capital Externalities? Evidence from Compulsory-Schooling Laws," NBER Chapters, in: NBER Macroeconomics Annual 2000, Volume 15, pages 9-74 National Bureau of Economic Research, Inc. [Downloadable!]
  11. Simon Appleton, 2000. "Education and health at the household level in sub-Saharan Africa," CID Working Papers 33, Center for International Development at Harvard University. [Downloadable!]
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  12. Behrman, Jere R. & Rosenzweig, Mark R., 1999. ""Ability" biases in schooling returns and twins: a test and new estimates," Economics of Education Review, Elsevier, vol. 18(2), pages 159-167, April. [Downloadable!] (restricted)
  13. Card, David, 2001. "Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems," Econometrica, Econometric Society, vol. 69(5), pages 1127-60, September.
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  14. Ichino, Andrea & Winter-Ebmer, Rudolf, 1998. "Lower and Upper Bounds of Returns to Schooling: An Exercise in IV estimation with Different Instruments," CEPR Discussion Papers 2007, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  15. Griffin, Peter & Edwards, Alejandra Cox, 1993. "Rates of return to education in Brazil: Do labor market conditions matter?," Economics of Education Review, Elsevier, vol. 12(3), pages 245-256, September. [Downloadable!] (restricted)
  16. Geeta Gandhi Kingdon, 1997. "Does the Labour Market Explain Lower Female Schooling in India?," STICERD - Development Economics Papers 01, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
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