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Economies of education: from theory to practice

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  • George Psacharopoulos

Abstract

Economics of education is a relatively new field. In the four decades of its existence, it has generated a great number of hypotheses, empirical findings and Nobel Laureates. However, in the world live, there is an obvious divide between theory and practice -- Ministries of Education, in both industrial and developing countries, often act as if economics of education did not exist. Unfortunately, the same applies to international organizations with a mandate in education. The paper starts by reviewing major findings in the economics of education and their relevance to education policy making. It discusses the reasons why some robust research findings do not translate into practice. And it concludes by listing a number of research questions that are still open in the field.

Suggested Citation

  • George Psacharopoulos, 2004. "Economies of education: from theory to practice," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 47(3-4), pages 341-358.
  • Handle: RePEc:bxr:bxrceb:y:2004:v:47:i:3-4:p:341-357
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    File URL: https://dipot.ulb.ac.be/dspace/bitstream/2013/11945/1/ber-0299.pdf
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    Cited by:

    1. Afonso, António & Jalles, João Tovar, 2013. "Growth and productivity: The role of government debt," International Review of Economics & Finance, Elsevier, vol. 25(C), pages 384-407.

    More about this item

    Keywords

    Economics of education; human capital; education poilicy;

    JEL classification:

    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy

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