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Why Should State Government Invest in College Education? An Equilibrium Approach for the US in 2000

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Author Info
Shields, Michael P. () (Central Michigan University)

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Abstract

This paper is a preliminary look at the benefits to states in the US of subsidizing college education. The benefits studies are the external benefits of college education on the earnings of both college graduates and those who have not graduated from college. In completing a college education individuals earn more. In addition, if there are positive external benefits others will also earn more because the average level of college graduates in the state has risen. This study confirms the existence of these positive externalities for the US in 2000 in estimates using the Current Population Survey. Furthermore, these external benefits are large enough that if confirmed in more complete studies would suggest that states invest too little in college education.

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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 3569.

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Length: 20 pages
Date of creation: Jun 2008
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Handle: RePEc:iza:izadps:dp3569

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Related research
Keywords: human capital; externalities; higher education;

Find related papers by JEL classification:
J2 - Labor and Demographic Economics - - Demand and Supply of Labor
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Yongil Jeon & Michael P. Shields, 2005. "Integration And Utilization Of Public Education Resources In Remote And Homogenous Areas: A Case Study Of The Upper Peninsula Of Michigan," Contemporary Economic Policy, Western Economic Association International, vol. 23(4), pages 601-614, October. [Downloadable!] (restricted)
  2. Groen, J.A.Jeffrey A., 2004. "The effect of college location on migration of college-educated labor," Journal of Econometrics, Elsevier, vol. 121(1-2), pages 125-142. [Downloadable!] (restricted)
  3. Winter-Ebmer, Rudolf, 1994. "Endogenous Growth, Human Capital, and Industry Wages," Bulletin of Economic Research, Blackwell Publishing, vol. 46(4), pages 289-314, October.
    Other versions:
  4. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
    Other versions:
  5. Rauch James E., 1993. "Productivity Gains from Geographic Concentration of Human Capital: Evidence from the Cities," Journal of Urban Economics, Elsevier, vol. 34(3), pages 380-400, November. [Downloadable!] (restricted)
    Other versions:
  6. Aly, Hassan Y. & Shields, Michael P., 1999. "Privatization and surplus labor in the Egyptian textile industry," Economics Letters, Elsevier, vol. 63(2), pages 187-191, May. [Downloadable!] (restricted)
  7. Enrico Moretti, 2004. "Workers' Education, Spillovers, and Productivity: Evidence from Plant-Level Production Functions," American Economic Review, American Economic Association, vol. 94(3), pages 656-690, June. [Downloadable!]
  8. Schultz, T. Paul, 1988. "Education investments and returns," Handbook of Development Economics, in: Hollis Chenery† & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 1, chapter 13, pages 543-630 Elsevier. [Downloadable!] (restricted)
  9. Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-78, December. [Downloadable!] (restricted)
  10. Moretti, Enrico, 2004. "Estimating the social return to higher education: evidence from longitudinal and repeated cross-sectional data," Journal of Econometrics, Elsevier, vol. 121(1-2), pages 175-212. [Downloadable!] (restricted)
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  11. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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