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Economic Returns to Education: What We Know, What We Don't Know, and Where We Are Going – Some Brief Pointers

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  • Harmon, Colm P.

    ()
    (University College Dublin)

Abstract

The estimation of the economic return to education has perhaps been one of the predominant areas of analysis in applied economics for over 50 years. In this short note we consider some of the recent directions taken by the literature, and also some of the blockages faced by both science and policymakers in pushing forward some key issues. This serves by way of introduction to a set of papers for a special issue of the Economics of Education Review.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Policy Papers with number 29.

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Length: 12 pages
Date of creation: Aug 2011
Date of revision:
Handle: RePEc:iza:izapps:pp29

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Keywords: education policy; returns to education;

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  1. Henderson, Daniel J. & Polachek, Solomon W. & Wang, Le, 2011. "Heterogeneity in schooling rates of return," Economics of Education Review, Elsevier, vol. 30(6), pages 1202-1214.
  2. Angel de la Fuente & Antonio Ciccone, 2003. "Human capital in a global and knowledge-based economy," Working Papers 70, Barcelona Graduate School of Economics.
  3. James J. Heckman & Lance J. Lochner & Petra E. Todd, 2008. "Earnings Functions and Rates of Return," University of Western Ontario, CIBC Centre for Human Capital and Productivity Working Papers 20082, University of Western Ontario, CIBC Centre for Human Capital and Productivity.
  4. James J. Heckman & Edward Vytlacil, 2005. "Structural Equations, Treatment Effects, and Econometric Policy Evaluation," Econometrica, Econometric Society, vol. 73(3), pages 669-738, 05.
  5. Devereux, Paul J. & Fan, Wen, 2011. "Earnings returns to the British education expansion," Economics of Education Review, Elsevier, vol. 30(6), pages 1153-1166.
  6. Orley Ashenfelter & Colm Harmon & Hessel Oosterbeek, 2000. "A Review of Estimates of the Schooling/Earnings Relationship, with Tests for Publication Bias," NBER Working Papers 7457, National Bureau of Economic Research, Inc.
  7. Philip Oreopoulos & Kjell G. Salvanes, 2011. "Priceless: The Nonpecuniary Benefits of Schooling," Journal of Economic Perspectives, American Economic Association, vol. 25(1), pages 159-84, Winter.
  8. Heckman, J J & Tobias, Justin & Vytlacil, Ed, 2001. "Four Parameters of Interest in the Evaluation of Social Programs," Staff General Research Papers 12022, Iowa State University, Department of Economics.
  9. Harmon, Colm & Hogan, Vincent & Walker, Ian, 2001. "Dispersion in the Economic Return to Schooling," CEPR Discussion Papers 3037, C.E.P.R. Discussion Papers.
  10. Matt Dickson & Sarah Smith, 2011. "What determines the return to education: An extra year or hurdle cleared?," The Centre for Market and Public Organisation 11/256, Department of Economics, University of Bristol, UK.
  11. Ian Walker & Yu Zhu, 2008. "The College Wage Premium and the Expansion of Higher Education in the UK," Scandinavian Journal of Economics, Wiley Blackwell, vol. 110(4), pages 695-709, December.
  12. Francis Green & Yu Zhu, 2010. "Overqualification, job dissatisfaction, and increasing dispersion in the returns to graduate education," Oxford Economic Papers, Oxford University Press, vol. 62(4), pages 740-763, October.
  13. Heckman, James J. & Urzúa, Sergio, 2010. "Comparing IV with structural models: What simple IV can and cannot identify," Journal of Econometrics, Elsevier, vol. 156(1), pages 27-37, May.
  14. Card, David, 1999. "The causal effect of education on earnings," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 30, pages 1801-1863 Elsevier.
  15. Lance Lochner, 2004. "Education, Work, and Crime: A Human Capital Approach," NBER Working Papers 10478, National Bureau of Economic Research, Inc.
  16. Milligan, Kevin & Moretti, Enrico & Oreopoulos, Philip, 2004. "Does education improve citizenship? Evidence from the United States and the United Kingdom," Journal of Public Economics, Elsevier, vol. 88(9-10), pages 1667-1695, August.
  17. Robert H. Haveman & Barbara L. Wolfe, 1984. "Schooling and Economic Well-Being: The Role of Nonmarket Effects," Journal of Human Resources, University of Wisconsin Press, vol. 19(3), pages 377-407.
  18. Colm Harmon & Hessel Oosterbeek & Ian Walker, 2003. "The Returns to Education: Microeconomics," Journal of Economic Surveys, Wiley Blackwell, vol. 17(2), pages 115-156, 04.
  19. Ignacio Palacios-Huerta, 2001. "An Empirical Analysis of the Risk Properties of Human Capital Returns," Working Papers 2001-10, Brown University, Department of Economics.
  20. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," Journal of Political Economy, University of Chicago Press, vol. 70, pages 9.
  21. Chevalier, Arnaud, 2011. "Subject choice and earnings of UK graduates," Economics of Education Review, Elsevier, vol. 30(6), pages 1187-1201.
  22. Comay, Yochanan & Melnik, A & Pollatschek, M A, 1973. "The Option Value of Education and the Optimal Path for Investment in Human Capital," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 421-35, June.
  23. Oreopoulos, Philip, 2007. "Do dropouts drop out too soon? Wealth, health and happiness from compulsory schooling," Journal of Public Economics, Elsevier, vol. 91(11-12), pages 2213-2229, December.
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Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Economic Returns to Education: What We Know, What We Don’t Know, and Where We Are Going – Some Brief Pointers
    by maximorossi in NEP-LTV blog on 2011-08-21 14:15:05
  2. Economic Returns to Education: What We Know, What We Don’t Know, and Where We Are Going – Some Brief Pointers
    by maximorossi in NEP-LTV blog on 2011-08-21 14:15:05
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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Cited by:
  1. José Joaquín Brunner, 2013. "The Rationale for Higher Education Investment in Ibero-America," OECD Development Centre Working Papers 319, OECD Publishing.
  2. Piper, Alan T., 2012. "A Happiness Test of Human Capital Theory," MPRA Paper 43496, University Library of Munich, Germany.
  3. Frank M. Fossen & Tobias J. M. Büttner, 2012. "The Returns to Education for Opportunity Entrepreneurs, Necessity Entrepreneurs, and Paid Employees," Discussion Papers of DIW Berlin 1241, DIW Berlin, German Institute for Economic Research.
  4. Lamichhane, Kamal & Sawada, Yasuyuki, 2013. "Disability and returns to education in a developing country," Economics of Education Review, Elsevier, vol. 37(C), pages 85-94.
  5. Lennart Hoogerheide & Joern H. Block & Roy Thurik, 2010. "Family Background Variables as Instruments for Education in Income Regressions: A Bayesian Analysis," Tinbergen Institute Discussion Papers 10-075/3, Tinbergen Institute.
  6. McHenry, Peter, 2013. "The relationship between schooling and migration: Evidence from compulsory schooling laws," Economics of Education Review, Elsevier, vol. 35(C), pages 24-40.

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