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The Changing Economic Value of Higher Education in Developed Economies: A Report to the O.E.C.D

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  • Richard B. Freeman

Abstract

This paper analyses the changing economic value of higher education in the major O.E.C.D. countries. The first part of the study examines data on earnings by education or earnings in occupations composed of per- sons with different educational attainments. A second part looks at un- employment rates and the occupations attained by college graduates. Both the relative earnings data and the unemployment and occupational attainment data suggest that the heralded decline in the economic value of higher education in the U.S. is not a unique North American phenomenon, but rather, a general development throughout the developed world. On the basis of evidence on elasticities of substitution and the observed growth in the supply of college graduates the paper suggests that the decline in the premium to the educated reflects movement along a reasonably well-defined demand for graduates schedule due to the growth of the college and university systems of the various countries.

Suggested Citation

  • Richard B. Freeman, 1981. "The Changing Economic Value of Higher Education in Developed Economies: A Report to the O.E.C.D," NBER Working Papers 0820, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:0820
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    Cited by:

    1. Lawrence F. Katz & Gary W. Loveman & David G. Blanchflower, 1995. "A Comparison of Changes in the Structure of Wages in Four OECD Countries," NBER Chapters, in: Differences and Changes in Wage Structures, pages 25-66, National Bureau of Economic Research, Inc.
    2. Lawrence F. Katz & Ana L. Revenga, 1989. "Changes in the Structure of Wages: The U.S. versus Japan," NBER Working Papers 3021, National Bureau of Economic Research, Inc.
    3. Bellmann, Lutz & Gartner, Hermann, 2003. "Fakten zur Entwicklung der qualifikatorischen und sektoralen Lohnstruktur (Facts on the development of the qualification-related and sectoral wage structure)," Mitteilungen aus der Arbeitsmarkt- und Berufsforschung, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany], vol. 36(4), pages 493-508.
    4. Blašková Martina & Tumová Dominika & Blaško Rudolf, 2019. "Relations of University Values and Competences of University Teachers," Journal of Intercultural Management, Sciendo, vol. 11(3), pages 134-157, September.
    5. repec:eee:labchp:v:1:y:1986:i:c:p:357-386 is not listed on IDEAS
    6. repec:eee:labchp:v:3:y:1999:i:pc:p:2943-2984 is not listed on IDEAS
    7. Bellmann, Lutz & Gartner, Hermann, 2003. "Fakten zur Entwicklung der qualifikatorischen und sektoralen Lohnstruktur (Facts on the development of the qualification-related and sectoral wage structure)," Mitteilungen aus der Arbeitsmarkt- und Berufsforschung, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany], vol. 36(4), pages 493-508.

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