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Private and Social Rates of Return to Secondary and Higher Education in New Zealand: Evidence from the 1991 Census

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  • Sholeh A. Maani

Abstract

With significant increases in the demand for higher education in New Zealand since the 1980s, the question of the size of the returns to investments in education has been of significant interest. Despite this interest, studies have been few in number and based on aggregated measures from the 1960s to 1981. This study is the first to utilise micro‐level data from the 1991 New Zealand Census. The study employs and compares the conventional methods of regression earnings functions, and internal rate of return analyses of private and social rates of return. The results indicate that returns to education are economically significant, at rates that are higher for females, even when adjusting for hours of work and female labour force participation differences. The returns are subject to diminishing returns, and social rates of return are 1 per cent to 3 per cent lower than private returns—a result that is consistent with those of OECD countries, but among the smaller differences by international standards.

Suggested Citation

  • Sholeh A. Maani, 1996. "Private and Social Rates of Return to Secondary and Higher Education in New Zealand: Evidence from the 1991 Census," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 29(1), pages 82-100, January.
    • Handle: RePEc:bla:ausecr:v:29:y:1996:i:1:p:82-100
    DOI: 10.1111/j.1467-8462.1996.tb00917.x
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    References listed on IDEAS

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    1. M.A. Marais, 1992. "The Funding of Tertiary Education in New Zealand," Economics Discussion / Working Papers 92-26, The University of Western Australia, Department of Economics.
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    Cited by:

    1. Sholeh A. Maani, 2004. "Why Have Maori Relative Income Levels Deteriorated Over Time?," The Economic Record, The Economic Society of Australia, vol. 80(248), pages 101-124, March.
    2. Anchor, John R. & Fiserová, Jana & Mars[iota]ková, Katerina & Urbánek, Václav, 2011. "Student expectations of the financial returns to higher education in the Czech Republic and England: Evidence from business schools," Economics of Education Review, Elsevier, vol. 30(4), pages 673-681, August.
    3. Debasis Bandyopadhyay, 2001. "The industry premium: What we know and what the New Zealand data say," New Zealand Economic Papers, Taylor & Francis Journals, vol. 35(1), pages 53-75.
    4. Daina McDonald, 2006. "150 Issues of The Australian Economic Review: The Changing Face of a Journal over Time," Melbourne Institute Working Paper Series wp2006n01, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    5. Bandyopadhyay, Debasis & Tang, Xueli, 2011. "Understanding the economic dynamics behind growth-inequality relationships," Journal of Macroeconomics, Elsevier, vol. 33(1), pages 14-32, March.
    6. Andersson, Åke E, 2009. "Returns to Education," Working Paper Series in Economics and Institutions of Innovation 163, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    7. Pavla Rehorova, 2010. "Education And Gender Equity: Evidence From The Czech Republic And Uk," Business Education and Accreditation, The Institute for Business and Finance Research, vol. 2(1), pages 105-119.

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