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Returns to education by academic discipline in the Greek labour market

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  • Livanos, Ilias
  • Pouliakas, Konstantinos

Abstract

This paper examines the wage returns to different academic disciplines in the Greek labour market. Exploring wage responsiveness across the various degree subjects in the case of Greece is interesting, as it is characterised by high levels of graduate unemployment, which vary considerably by field of study, and relatively low levels of wage flexibility. Using micro-data from the most recently available waves (2000-2004) of the Greek Labour Force Survey (LFS), the returns to academic disciplines are estimated for the whole sample of graduates as well as by gender and public/private sector. Quantile regressions indicate that the OLS estimates are relatively robust to potential selectivity biases. The empirical results show considerable variation in wage premiums across the fields of study, with low returns for those that have a marginal role to play in an economy with a rising services/shrinking public sector. It is concluded that the Greek higher education system requires educational reforms that consider the future prospects of the different academic disciplines.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14159.

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Date of creation: 30 Oct 2008
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Handle: RePEc:pra:mprapa:14159

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Keywords: Wages; returns; academic disciplines; Greece; quantile regressions; educational reforms;

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References

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  1. Costas Kanellopoulos, 1997. "Public-private wage differentials in Greece," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 29(8), pages 1023-1032.
  2. Evangelia Papapetrou, 2004. "Gender Wage Differentials in Greece," Economic Bulletin, Bank of Greece, Economic Research Department, Bank of Greece, Economic Research Department, issue 23, pages 47-64, July.
  3. Pedro Telhado Pereira & Pedro Silva Martins, 2004. "Returns to education and wage equations," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 36(6), pages 525-531.
  4. Theocharoula Magoula & George Psacharopoulos, 1999. "Schooling and monetary rewards in Greece: an over-education false alarm?," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 31(12), pages 1589-1597.
  5. Machin, Stephen & Puhani, Patrick A., 2003. "Subject of degree and the gender wage differential: evidence from the UK and Germany," Economics Letters, Elsevier, Elsevier, vol. 79(3), pages 393-400, June.
  6. Sloane, Peter J. & O'Leary, Nigel C., 2004. "The Return to a University Education in Great Britain," IZA Discussion Papers, Institute for the Study of Labor (IZA) 1199, Institute for the Study of Labor (IZA).
  7. Derek Leslie, 2003. "Using success to measure quality in British higher education: which subjects attract the best-qualified students?," Journal of the Royal Statistical Society Series A, Royal Statistical Society, Royal Statistical Society, vol. 166(3), pages 329-347.
  8. Evangelia Papapetrou, 2006. "The unequal distribution of the public-private sector wage gap in Greece: evidence from quantile regression," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 13(4), pages 205-210.
  9. Blundell, Richard, et al, 2000. "The Returns to Higher Education in Britain: Evidence from a British Cohort," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 110(461), pages F82-99, February.
  10. George Psacharopoulos, 2003. "The Social Cost of an Outdated Law: Article 16 of the Greek Constitution," European Journal of Law and Economics, Springer, Springer, vol. 16(2), pages 123-137, September.
  11. Konstantinos Pouliakas & Ioannis Theodossiou, 2005. "Socio-Economic Differences in the Perceived Quality of High and Low-Paid Jobs in Europe," Labor and Demography, EconWPA 0506002, EconWPA.
  12. Pouliakas, Konstantinos & Livanos, Ilias, 2008. "The Gender Wage Gap as a Function of Educational Degree Choices in Greece," MPRA Paper, University Library of Munich, Germany 14168, University Library of Munich, Germany, revised 19 Mar 2009.
  13. McGuinness, Seamus & Bennett, Jessica, 2007. "Overeducation in the graduate labour market: A quantile regression approach," Economics of Education Review, Elsevier, Elsevier, vol. 26(5), pages 521-531, October.
  14. D. H. Blackaby & P. D. Murphy & N. C. O'Leary, 1999. "Graduate earnings in Great Britain: a matter of degree?," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 6(5), pages 311-315.
  15. Finnie, Ross & Frenette, Marc, 2003. "Earning differences by major field of study: evidence from three cohorts of recent Canadian graduates," Economics of Education Review, Elsevier, Elsevier, vol. 22(2), pages 179-192, April.
  16. Yoram Ben-Porath, 1967. "The Production of Human Capital and the Life Cycle of Earnings," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 75, pages 352.
  17. Polachek, Solomon William, 1981. "Occupational Self-Selection: A Human Capital Approach to Sex Differences in Occupational Structure," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 63(1), pages 60-69, February.
  18. Ilias Livanos, 2010. "The Wage-Local Unemployment Relationship in a Highly Regulated Labour Market: Greece," Regional Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 44(4), pages 389-400.
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Citations

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Cited by:
  1. Tjaša Bartolj & Aleš AhCan & Aljoša Feldin & Sašo Polanec, 2013. "Evolution of private returns to tertiary education during transition: evidence from Slovenia," Post-Communist Economies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 25(3), pages 407-424, September.
  2. Regula Geel & Uschi Backes-Gellner, 2010. "Earning While Learning: Labor Market Returns to Student Employment During Tertiary Education," Economics of Education Working Paper Series, University of Zurich, Institute for Strategy and Business Economics (ISU) 0049, University of Zurich, Institute for Strategy and Business Economics (ISU).

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