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Returns to education by academic discipline in the Greek labour market

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  • Livanos, Ilias
  • Pouliakas, Konstantinos

Abstract

This paper examines the wage returns to different academic disciplines in the Greek labour market. Exploring wage responsiveness across the various degree subjects in the case of Greece is interesting, as it is characterised by high levels of graduate unemployment, which vary considerably by field of study, and relatively low levels of wage flexibility. Using micro-data from the most recently available waves (2000-2004) of the Greek Labour Force Survey (LFS), the returns to academic disciplines are estimated for the whole sample of graduates as well as by gender and public/private sector. Quantile regressions indicate that the OLS estimates are relatively robust to potential selectivity biases. The empirical results show considerable variation in wage premiums across the fields of study, with low returns for those that have a marginal role to play in an economy with a rising services/shrinking public sector. It is concluded that the Greek higher education system requires educational reforms that consider the future prospects of the different academic disciplines.

Suggested Citation

  • Livanos, Ilias & Pouliakas, Konstantinos, 2008. "Returns to education by academic discipline in the Greek labour market," MPRA Paper 14159, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:14159
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    References listed on IDEAS

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    Cited by:

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    2. Regula Geel & Uschi Backes-Gellner, 2010. "Earning While Learning: Labor Market Returns to Student Employment During Tertiary Education," Economics of Education Working Paper Series 0049, University of Zurich, Department of Business Administration (IBW).
    3. Darjan Petek & Timotej Jagric, 2017. "Wage Inequalities: A Result of Different Levels and Fields of Tertiary Education?," Management, University of Primorska, Faculty of Management Koper, vol. 12(1), pages 59-73.
    4. Lehouelleur, Sophie & Beblav�, Miroslav & Maselli,Ilaria, 2015. "How returns from tertiary education differ by field of study: Implications for policy-makers and students," CEPS Papers 10835, Centre for European Policy Studies.

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    More about this item

    Keywords

    Wages; returns; academic disciplines; Greece; quantile regressions; educational reforms;
    All these keywords.

    JEL classification:

    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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