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• Christopher A Pissarides

The main policy implication that emerges from this study is that subsidised education without at the same time provision for the creation of growth-enhancing jobs can be good for the individual but bad for growth (and presumably public finances). There is evidence of very high private returns to education, in the form of higher wages for degree holders, but also evidence that these returns are not always matched by social returns in the form of higher output. Governments need to ensure that educated men and women have incentives to work in occupations that contribute to social welfare. Admittedly, some of those occupations, such as the running of social services or the looking after of sick people, do not show up in growth statistics. But they are as valuable as those that do ...

La conclusion principale de cette étude du point de vue de son implication pour l’orientation des politiques est la suivante : subventionner l’enseignement s’il n’y a pas dans le même temps création d’emplois générateurs de croissance peut être une bonne chose pour les individus mais une mauvaise pour la croissance (et vraisemblablement pour les finances publiques). Les observations confirment le niveau élevé du rendement de l’éducation, sous forme de meilleurs salaires pour les diplômés ; mais les faits montrent également que ces rendements ne sont pas toujours associés à des rendements sociaux équivalents, sous forme d’une augmentation de la production. Les pouvoirs publics doivent s’assurer que les hommes et les femmes éduqués sont incités à occuper des emplois qui améliorent le bien-être social. Certains de ces emplois, tels que la gestion de services sociaux ou les soins aux malades n’apparaissent pas dans les statistiques de croissance. Ils sont toutefois aussi valables que ...

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Paper provided by OECD, Development Centre in its series OECD Development Centre Working Papers with number 168.

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Date of creation: Nov 2000
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Handle: RePEc:oec:devaaa:168-en

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1. George Psacharopoulos & Harry Anthony Patrinos, 2004. "Returns to investment in education: a further update," Education Economics, Taylor and Francis Journals, vol. 12(2), pages 111-134, August. [Downloadable!] (restricted)
   Other versions:
   • Psacharopoulos, George & Patrinos, Harry Anthony, 2002. "Returns to investment in education : a further update," Policy Research Working Paper Series 2881, The World Bank. [Downloadable!]
2. Josef L. Loening, 2004. "Time series evidence on education and growth: the case of Guatemala, 1951-2002," Revista de Analisis Economico – Economic Analysis Review, Ilades-Georgetown University, Economics Department, vol. 19(2), pages 3-40, December. [Downloadable!]
3. Sofiane Ghali & Pierre Mohnen, 2002. "Restructuring And Economic Performance: The Experience Of The Tunisian Economy," CIRANO Working Papers 2002s-26, CIRANO. [Downloadable!]
   Other versions:
   • Ghali,Sofiane & Mohnen,Pierre, 2002. "Restructuring and economic performance: the experience of the Tunisian economy," Research Memoranda 011, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]

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