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Conceptual Framework for the Analysis of the Social Benefits of Lifelong Learnings

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  • Walter McMahon
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    Abstract

    This paper systematically identifies the market and non-market returns to education over the life cycle of gruaduates, as well as the social benefits externalities. It considers the most recent developments in the measurement and the valuation of these returns to additions to existing provisions for education and relates them to the costs. This is within the conceptual framework for lifelong learning defined by the graduate's life cycle, given that the capacity of graduates to learn later and to adapt is correlated with their prior schooling. The paper suggests that the capacity to finance lifelong learning depends on the capacity to identify and credibly measure these net social and private benefits, some of which are not well known and about which there is also misinformation. It also concludes that the capacity to finance education depends on political processes, which therefore are analyzed also, and on the capacity to build broad-based coalitions using knowledge about these marginal products.

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    Bibliographic Info

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

    Volume (Year): 6 (1998)
    Issue (Month): 3 ()
    Pages: 309-346

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    Handle: RePEc:taf:edecon:v:6:y:1998:i:3:p:309-346

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    Cited by:
    1. Garcia-Aracil, Adela & Winter, Carolyn, 2006. "Gender and ethnicity differentials in school attainment and labor market earnings in Ecuador," World Development, Elsevier, vol. 34(2), pages 289-307, February.
    2. Yakovlev, Pavel & Leguizamon, Susane, 2012. "Ignorance is not bliss: On the role of education in subjective well-being," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(6), pages 806-815.
    3. Floreani, Vincent Arthur, 2014. "Fixing Europe's youth unemployment and skills mismatch, can public financial support to SMEs be effective? The case of the European Commission and European Investment Bank joint initiatives," MPRA Paper 55849, University Library of Munich, Germany.
    4. Arias, Omar & McMahon, Walter W., 2001. "Dynamic rates of return to education in the U.S," Economics of Education Review, Elsevier, vol. 20(2), pages 121-138, April.
    5. Fabra, M. Eugenia & Camisón, Cesar, 2009. "Direct and indirect effects of education on job satisfaction: A structural equation model for the Spanish case," Economics of Education Review, Elsevier, vol. 28(5), pages 600-610, October.
    6. Nuno Crespo & Nádia Simões & José Castro Pinto, 2013. "Determinant factors of job quality in Europe," Working Papers Series 2 13-01, ISCTE-IUL, Business Research Unit (BRU-IUL).

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