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Does the Human-Capital/Educational-Sorting Debate Matter for Development Policy?

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Kevin Lang

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Abstract

If education increases human capital, subsidizing education can generate economic growth and combat poverty. Estimates of its return suggest that education is a good social investment. In sorting models, the return reflects in part the information about productivity revealed by the worker's education. Thus the social and private returns diverge. It might appear that if we believe the sorting model, we should be less swayed by evidence that estimated returns to education exceed the social discount rate, and therefore less likely to support education-based development policies. This conclusion is shown to be incorrect.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4052.

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Date of creation: Apr 1992
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Handle: RePEc:nbr:nberwo:4052

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  1. Lang, Kevin, 1987. "Pareto Improving Minimum Wage Laws," Economic Inquiry, Oxford University Press, vol. 25(1), pages 145-58, January.
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  1. Anupa Bir & Karen Eggleston, 2003. "Physician Dual Practice: Access Enhancement or Demand Inducement?," Discussion Papers Series, Department of Economics, Tufts University 0311, Department of Economics, Tufts University. [Downloadable!]
  2. Arild Aakvik & Egil Kjerstad, 2003. "Skill formation among vocational rehabilitation clients - public policy vs private incentives," Education Economics, Taylor and Francis Journals, vol. 11(3), pages 219-237, December. [Downloadable!] (restricted)
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  3. John H. Tyler & Richard J. Murnane & John B. Willett, 1998. "Estimating the Impact of the GED on the Earnings of Young Dropouts Using a Series of Natural Experiments," NBER Working Papers 6391, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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