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Education: Consumption or Production

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Edward P. Lazear

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Abstract

It can be claimed that education is simply a normal consumption good and that like all other normal goods, an increase in wealth will produce an increase in the amount of schooling purchased. Increased incomes are associated with higher schooling attainment as the simple result of an income effect. If this is so, schooling increases an individual's wealth only by the consumption value of the good, since it is a non-saleable asset. This paper will attempt to determine empirically the amount by which an increase in wealth is caused by schooling as distinguished from the amount by which the demand for schooling increases as the result of an increase in wealth.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0104.

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Date of creation: Oct 1975
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Handle: RePEc:nbr:nberwo:0104

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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. Griliches, Zvi & Mason, William M, 1972. "Education, Income, and Ability," Journal of Political Economy, University of Chicago Press, vol. 80(3), pages S74-S103, Part II, . [Downloadable!] (restricted)
  2. Benham, Lee, 1974. "Benefits of Women's Education within Marriage," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages S57-S71, Part II, . [Downloadable!] (restricted)
  3. Levhari, David & Weiss, Yoram, 1974. "The Effect of Risk on the Investment in Human Capital," American Economic Review, American Economic Association, vol. 64(6), pages 950-63, December. [Downloadable!] (restricted)
  4. Welch, F, 1970. "Education in Production," Journal of Political Economy, University of Chicago Press, vol. 78(1), pages 35-59, Jan.-Feb.. [Downloadable!] (restricted)
  5. Bowles, Samuel, 1972. "Schooling and Inequality from Generation to Generation," Journal of Political Economy, University of Chicago Press, vol. 80(3), pages S219-S51, Part II, . [Downloadable!] (restricted)
  6. Edward P. Lazear, 1975. "Schooling as a Wage Depressant," NBER Working Papers 0092, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, 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. Annette Alstadsæter, 2009. "Measuring the Consumption Value of Higher Education," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  2. Joon Koo Lee, 1981. "Distributional Implications of Imperfect Capital Markets," NBER Working Papers 0663, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Thomas M. Steger, 1997. "Productive Consumption and Growth in Developing Countries," Development and Comp Systems 9710001, EconWPA, revised 02 Dec 1997. [Downloadable!]
    Other versions:
  4. Maria Knoth Humlum & Kristin J. Kleinjans & Helena Skyt Nielsen, 2007. "An Economic Analysis of Identity and Career Choice," IZA Discussion Papers 3120, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  5. Todd R. Stinebrickner & Ralph Stinebrickner, 2000. "The Relationship Between Family Income and Schooling Attainment: Evidence from a Liberal Arts College with a Full Tuition Subsidy Program," UWO Department of Economics Working Papers 20008, University of Western Ontario, Department of Economics. [Downloadable!]
  6. Michael Grossman, 1999. "The Human Capital Model of the Demand for Health," NBER Working Papers 7078, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Edward P. Lazear, 1983. "Intergenerational Externalities," NBER Working Papers 0145, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Jessica Holmes, 1999. "Measuring the Determinants of School Completion in Pakistan: Analysis of Censoring and Selection Bias," Working Papers 794, Economic Growth Center, Yale University. [Downloadable!]
  9. B. Wolfe & S. Zuvekas, . "Nonmarket outcomes of schooling," Institute for Research on Poverty Discussion Papers 1065-95, University of Wisconsin Institute for Research on Poverty. [Downloadable!]
  10. Todd Stinebrickner & Ralph Stinebrickner, 2001. "Understanding Educational Outcomes of Students from Low Income Families: Evidence from a Liberal Arts College with a Full Tuition Subsidy Program," University of Western Ontario, CIBC Human Capital and Productivity Project Working Papers 20014, University of Western Ontario, CIBC Human Capital and Productivity Project. [Downloadable!]
  11. Stephen V. Cameron & James J. Heckman, 1999. "The Dynamics of Educational Attainment for Blacks, Hispanics, and Whites," NBER Working Papers 7249, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Philip Oreopoulos & Kjell G. Salvanes, 2009. "How large are returns to schooling? Hint: Money isn't everything," NBER Working Papers 15339, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  13. Robert A. J. Dur & Amihai Glazer, 2005. "Subsidizing Enjoyable Education," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  14. Tracy L. Regan & Galen Burghardt & Ronald L. Oaxaca, 2006. "A Human Capital Model of the Effects of Abilities and Family Background on Optimal Schooling Levels," IZA Discussion Papers 1927, Institute for the Study of Labor (IZA). [Downloadable!]
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