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Abstract

Returns to investment in education based on human capital theory have been estimated since the late 1950s. In the 40-plus year history of estimates of returns to investment in education, there have been several reviews of the empirical results in attempts to establish patterns. Many more estimates from a wide variety of countries, including over time evidence, and estimates based on new econometric techniques, reaffirm the importance of human capital theory. The suthors review and present the latest estimates and patterns as found in the literature at the turn of the century. However, because the availability of rate of return estimates has grown exponentially, the authors include a new section on the need for selectivity in comparing returns to investment in education and establishing related patterns.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2881.

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Date of creation: 30 Sep 2002
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Handle: RePEc:wbk:wbrwps:2881

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Keywords: Curriculum&Instruction; Teaching and Learning; Public Health Promotion; Decentralization; Economic Theory&Research; Agricultural Knowledge&Information Systems; Health Monitoring&Evaluation; Economics of Education;

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1. Bennell, Paul, 1996. "Rates of return to education: Does the conventional pattern prevail in sub-Saharan Africa?," World Development, Elsevier, vol. 24(1), pages 183-199, January.
2. Alan B. Krueger & Mikael Lindahl, 2000. "Education for Growth: Why and For Whom?," NBER Working Papers 7591, National Bureau of Economic Research, Inc.
   
   • Mikael Lindahl & Alan B. Krueger, 2001. "Education for Growth: Why and for Whom?," Journal of Economic Literature, American Economic Association, vol. 39(4), pages 1101-1136, December.
   • Alan Krueger & Mikael Lindahl, 2000. "Education for Growth: Why and For Whom?," Working Papers 808, Princeton University, Department of Economics, Industrial Relations Section..
3. Filer, Randall K. & Jurajda, Stepan & Planovsky, Jan, 1999. "Education and wages in the Czech and Slovak Republics during transition," Labour Economics, Elsevier, vol. 6(4), pages 581-593, November.
4. Ichino, Andrea & Winter-Ebmer, Rudolf, 1998. "Lower and Upper Bounds of Returns to Schooling: An Exercise in IV estimation with Different Instruments," CEPR Discussion Papers 2007, C.E.P.R. Discussion Papers.
   
   • Ichino, Andrea & Winter-Ebmer, Rudolf, 1999. "Lower and upper bounds of returns to schooling: An exercise in IV estimation with different instruments," European Economic Review, Elsevier, vol. 43(4-6), pages 889-901, April.
5. Simon Appleton & Arsène Balihuta, 1996. "Education and agricultural productivity: evidence from Uganda," CSAE Working Paper Series 1996-05, Centre for the Study of African Economies, University of Oxford.
   
   • Simon Appleton & Arsene Balihuta, 1996. "Education and agricultural productivity: Evidence from Uganda," Journal of International Development, John Wiley & Sons, Ltd., vol. 8(3), pages 415-444.
6. Tansel, Aysit, 1994. "Wage employment, earnings and returns to schooling for men and women in Turkey," Economics of Education Review, Elsevier, vol. 13(4), pages 305-320.
   
   • Tansel, A., 1992. "Wage Employment, Earnings and Returns to Schooling for Men and Women in Turkey," Papers 661, Yale - Economic Growth Center.
7. Orley Ashenfelter & Alan Krueger, 1992. "Estimates of the Economic Return to Schooling from a New Sample of Twins," Working Papers 683, Princeton University, Department of Economics, Industrial Relations Section..
   
   • Ashenfelter, Orley & Krueger, Alan B, 1994. "Estimates of the Economic Returns to Schooling from a New Sample of Twins," American Economic Review, American Economic Association, vol. 84(5), pages 1157-73, December.
   • Alan Krueger & Orley Ashenfelter, 1992. "Estimates of the Economic Return to Schooling from a New Sample of Twins," NBER Working Papers 4143, National Bureau of Economic Research, Inc.
8. Schultz, Theodore W, 1975. "The Value of the Ability to Deal with Disequilibria," Journal of Economic Literature, American Economic Association, vol. 13(3), pages 827-46, September.
9. Robert H. Haveman & Barbara L. Wolfe, 1984. "Schooling and Economic Well-Being: The Role of Nonmarket Effects," Journal of Human Resources, University of Wisconsin Press, vol. 19(3), pages 377-407.
10. Daron Acemoglu & Joshua Angrist, 2001. "How Large are Human-Capital Externalities? Evidence from Compulsory-Schooling Laws," NBER Chapters, in: NBER Macroeconomics Annual 2000, Volume 15, pages 9-74 National Bureau of Economic Research, Inc.
11. Colm Harmon & Ian Walker, 1996. "The Marginal and Average Returns to Schooling"," Working Papers 96/20, University College Dublin, Economics Department.
    
    • Colm Harmon & Ian Walker, 1996. "The marginal and average returns to schooling," IFS Working Papers W96/11, Institute for Fiscal Studies.
    • Colm Harmon & Ian Walker, 1997. "The Marginal and Average Returns to Schooling," Keele Department of Economics Discussion Papers (1995-2001) 97/07, Department of Economics, Keele University.
12. Denny, Kevin & Harmon, Colm, 1999. "Wages and human capital," Open Access publications from University College Dublin urn:hdl:10197/145, University College Dublin.
13. Geeta Gandhi Kingdon, 1997. "Does the Labour Market Explain Lower Female Schooling in India?," STICERD - Development Economics Papers - From 2008 this series has been superseded by Economic Organisation and Public Policy Discussion Papers 01, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
    
    • Geeta Gandhi Kingdon, 1998. "Does the labour market explain lower female schooling in India?," The Journal of Development Studies, Taylor and Francis Journals, vol. 35(1), pages 39-65.
14. Maluccio, John A., 1998. "Endogeneity of schooling in the wage function," FCND discussion papers 54, International Food Policy Research Institute (IFPRI).
15. Behrman, Jere R. & Rosenzweig, Mark R., 1999. ""Ability" biases in schooling returns and twins: a test and new estimates," Economics of Education Review, Elsevier, vol. 18(2), pages 159-167, April.
16. David Card, 2000. "Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems," NBER Working Papers 7769, National Bureau of Economic Research, Inc.
    
    • Card, David, 2001. "Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems," Econometrica, Econometric Society, vol. 69(5), pages 1127-60, September.
17. Christopher A. Pissarides, 2000. "Human Capital and Growth: A Synthesis Report," OECD Development Centre Working Papers 168, OECD Publishing.
18. Simon Appleton, 2000. "Education and health at the household level in sub-Saharan Africa," CID Working Papers 33, Center for International Development at Harvard University.
    
    • Appleton, S., 2000. "Education and Health at the Household Level in Sub-Saharan Africa," Papers 33, Chicago - Graduate School of Business.
19. Rummery, Sarah & Vella, Francis & Verbeek, Marno, 1999. "Estimating the returns to education for Australian youth via rank-order instrumental variables," Labour Economics, Elsevier, vol. 6(4), pages 491-507, November.
20. Griffin, Peter & Edwards, Alejandra Cox, 1993. "Rates of return to education in Brazil: Do labor market conditions matter?," Economics of Education Review, Elsevier, vol. 12(3), pages 245-256, September.

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1. Rate of return to education across countries
   by kdmtz in Devecondata on 2010-09-09 15:14:00

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