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Education, Risk and Efficiency in Human Capital Investment

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  • David Mayston
  • Juan Yang

Abstract

University of York Beijing Normal University The efficiency of the process of investment in human capital through education is of considerable importance both to the individuals involved and to the wider economy. The paper develops an analytical framework in which issues of the efficiency of such investment can be considered alongside its interface with the operations of the labour market, and in which the risks posed by such educational investments when the labour market is less than fully efficient can be analysed. These issues are of particular relevance in the context of the major expansions in higher education which have taken place in recent years, not least in China, which is now second in its share of all 25 – 64 year olds internationally with tertiary education. The paper therefore complements its theoretical analysis with an empirical investigation of the risk factors which impact on the efficiency of this large-scale educational investment for individual graduates and for the wider economy

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Bibliographic Info

Paper provided by Department of Economics, University of York in its series Discussion Papers with number 12/15.

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Date of creation: May 2012
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Handle: RePEc:yor:yorken:12/15

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Keywords: Human capital investment; higher education; graduate overeducation; risk factors; educational expansion in China.;

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  1. Robert J. Barro, 2012. "Inflation and Economic Growth," CEMA Working Papers 568, China Economics and Management Academy, Central University of Finance and Economics.
  2. ?gel de la Fuente & Rafael Dom?ech, . "Human Capital In Growth Regressions: How Much Difference Does Data Quality Make?," UFAE and IAE Working Papers 446.00, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  3. Rehme, Günther, 2006. "Education, Economic Growth and Measured Income Inequality," Darmstadt Discussion Papers in Economics 25519, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL).
  4. Jacob A. Mincer, 1974. "Introduction to "Schooling, Experience, and Earnings"," NBER Chapters, in: Schooling, Experience, and Earnings, pages 1-4 National Bureau of Economic Research, Inc.
  5. Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October.
  6. Belton Fleisher & Xiaojun Wang & Haizheng Li & Shi Li, 2009. "Access to Higher Education and Inequality: The Chinese Experiment," Working Papers 09-02, Ohio State University, Department of Economics.
  7. Jacob A. Mincer, 1974. "Schooling, Experience, and Earnings," NBER Books, National Bureau of Economic Research, Inc, number minc74-1, October.
  8. Battu, H. & Belfield, C. R. & Sloane, P. J., . "Overeducation Among Graduates: A Cohort View," Working Papers 98-03, Department of Economics, University of Aberdeen.
  9. Fleisher, Belton M. & Hu, Yifan & Li, Haizheng & Kim, Seonghoon, 2011. "Economic transition, higher education and worker productivity in China," Journal of Development Economics, Elsevier, vol. 94(1), pages 86-94, January.
  10. Fleisher, Belton M. & Wang, Xiaojun, 2004. "Skill differentials, return to schooling, and market segmentation in a transition economy: the case of Mainland China," Journal of Development Economics, Elsevier, vol. 73(1), pages 315-328, February.
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