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Education and Development: Measuring the Social Benefits

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  • McMahon, Walter W.

    (University of Illinois at Urbana-Champaign)

Abstract

This book develops a new approach to measuring the total returns to human resource development through investment in education. Drawing on microanalytic foundations, it uses regional and worldwide data to estimate the net marginal contributions of education and new knowledge both to economic growth and to wider effects on democratization, human rights, political stability, health, net population growth rates, reduction of poverty, inequality in income distribution, crime, drug use, and the environment. The total impact of education policy changes on endogenous development is then estimated using an interactive model. This new approach is important to industrialized and developing countries alike. The diffusion of knowledge and the adaptation of new techniques has been identified as crucial to the growth process in the new endogenmous growth models, and is of increasing strategic importance in current knowledge-based globalizing economies. Similarly, the non-monetary returns from education are important in improving human welfare. Measurement of these non-market returns is a crucial but much neglected subject. It has proved frustrating, and existing microanalytic measures have proved piecemeal. The new approach developed here offers some comprehensive estimates and simulation techniques for finding more cost-effective policies, and also suggests new hypotheses for further microanalytic testing.

Suggested Citation

  • McMahon, Walter W., 2000. "Education and Development: Measuring the Social Benefits," OUP Catalogue, Oxford University Press, number 9780198292319.
  • Handle: RePEc:oxp:obooks:9780198292319
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    Cited by:

    1. Kristinn Hermannsson & Patrizio Lecca, 2016. "Human Capital in Economic Development: From Labour Productivity to Macroeconomic Impact," Economic Papers, The Economic Society of Australia, vol. 35(1), pages 24-36, March.
    2. Katarina Keller, 2006. "Education Expansion, Expenditures per Student and the Effects on Growth in Asia," Global Economic Review, Taylor & Francis Journals, vol. 35(1), pages 21-42.
    3. Conrad, Daren, 2017. "Education's Contribution to Economic Growth," MPRA Paper 77365, University Library of Munich, Germany.
    4. Hamdani, Nisar Hussain & Shah, Syed Akhter Hussain, 2005. "Earthquake 2005: Some Implications for Environment and Human Capital," MPRA Paper 9519, University Library of Munich, Germany.
    5. David Greenaway & Michelle Haynes, 2003. "Funding Higher Education in The UK: The Role of Fees and Loans," Economic Journal, Royal Economic Society, vol. 113(485), pages 150-166, February.
    6. Hermannsson, Kristinn & Lecca, Patrizio, 2015. "Human Capital in Economics Development: From Labour Productivity to Macroeconomic Impact," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 2015-53, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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