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Estimating The Social Return To Higher Education
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Book Synopsis Estimating the Social Return to Higher Education by : Enrico Moretti
Download or read book Estimating the Social Return to Higher Education written by Enrico Moretti and published by . This book was released on 2002 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists have speculated for at least a century that the social return to education may exceed the private return. In this paper, I estimate spillovers from college education by comparing wages for otherwise similar individuals who work in cities with different shares of college graduates in the labor force. OLS estimates show a large positive relationship between the share of college graduates in a city and individual wages, over and above the private return to education. A key issue in this comparison is the presence of unobservable individual characteristics, such as ability, that may raise wages and be correlated with college share. I use a confidential version of the National Longitudinal Survey of Youth (NLSY) to estimate a model of non-random selection of workers among cities. By observing the same individual over time, I can control for differences in unobserved ability across individuals and differences in the return to skills across cities. I then investigate the hypothesis that the correlation between college share and wages is due to unobservable city-specific shocks that may raise wages and attract more highly educated workers to different cities. To control for this source of potential bias, I turn to Census data and use two instrumental variables: the lagged city demographic structure and the presence of a land--grant college. The results from Census data are remarkably consistent with those based on the NLSY sample. A percentage point increase in the supply of college graduates raises high school drop-outs' wages by 1.9%, high school graduates' wages by 1.6%, and college graduates wages by 0.4%. The effect is larger for less educated groups, as predicted by a conventional demand and supply model. But even for college graduates, an increase in the supply of college graduates increases wages, as predicted by a model that includes conventional demand and supply factors as well as spillovers
Book Synopsis Toward a New Methodology for Estimating the Marginal Social Rate of Return to Public Investments in Higher Education by : Jan Lewandrowski
Download or read book Toward a New Methodology for Estimating the Marginal Social Rate of Return to Public Investments in Higher Education written by Jan Lewandrowski and published by . This book was released on 1985 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States invests tens of billions of dollars in higher education each year. This had led many researchers to estimate the marginal and average rates of return to these expenditures. Past works, however, have been partial in scope. That is, they have counted only the benefits of higher education which result from the increased earnings of college graduates over people with only a high school diploma. Additional benefits, such as lower consumer prices which result from a more productive work force, have not been considered previously and empirically estimated. The purpose of the present study was to use the techniques of applied welfare analysis to develop a new approach to estimating the marginal social rate of return to investments in higher education. The annual economic benefits to society from increased levels of public support for higher education are estimated by changes in areas of consumer and producer surplus associated with the general equilibrium supply and demand curves for college educated labor. These benefits are then equated with the increased expenditures using a standard discount formula, and a marginal social rate of return is calculated. Data for this study come from the Bureau of the Census and the National Center for Educational Statistics. The supply and demand curves for the labor of college graduates are estimated by ordinary least squares regression treating each state as a separate labor market. Our analysis suggests that further increases in the level of public expenditures for higher education may not be justified using cost benefit analysis techniques. The weakness of the statistical properties associated with our empirical results, however, indicates considerable additional research is necessary prior to making a policy recommendation on the issue.
Book Synopsis Estimating the Social Value of Higher Education: Willingness to Pay for Community and Technical Colleges by :
Download or read book Estimating the Social Value of Higher Education: Willingness to Pay for Community and Technical Colleges written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Social Returns to Education by : Mr.A. Dalmazzo
Download or read book Social Returns to Education written by Mr.A. Dalmazzo and published by International Monetary Fund. This book was released on 2003-08-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides a quantitative assessment of social returns to education in Italy. It shows that, after controlling for individual characteristics, local average human capital is positively correlated with individual wages, with estimated social returns between 2 and 3 percent. This result is robust to alternative estimation methods and does not seem to depend on endogenous sorting. The paper also shows that social returns are higher in the lagged areas of the south of Italy.
Book Synopsis The Social Return to Education by : Enrico Moretti
Download or read book The Social Return to Education written by Enrico Moretti and published by . This book was released on 2000 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Labor Economics by : Orley Ashenfelter
Download or read book Handbook of Labor Economics written by Orley Ashenfelter and published by Elsevier. This book was released on 1999-11-18 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to the continually evolving field of labour economics.
Book Synopsis Investment in Learning by : Howard Bowen
Download or read book Investment in Learning written by Howard Bowen and published by Routledge. This book was released on 2018-01-16 with total page 507 pages. Available in PDF, EPUB and Kindle. Book excerpt: The value of higher education has been under attack as seldom before in American history. We are told of the overeducated American, of the case against college, and of the failure of education to contribute significantly to the reduction of inequality. In this environment, republication of an exceptionally comprehensive and judicious analysis of all that has been learned and not learned about the consequences of American higher education comes at a most appropriate time. Investment in Learning more fully covers the various aspects of this subject than any yet to appear. Howard Bowen is optimistic about higher education, but his viewpoint is based on profound knowledge of both the economic and social aspects of education. Unlike some economists who insist on a strict cost-benefit analysis of expenditures on higher education in relation to outcomes, Bowen argues that the non-monetary benefits are far greater, to the point that individual and social decisions should be made primarily on those broader indicators. Cameron Fincher, in his new opening for the book, notes that "Publication of Howard Bowen's Investment in Learning was like a break in a long summer drought. . . . It was a comprehensive rebuttal to return-on-investment studies with negativistic findings." And in the foreword to the book, Clark Kerr simply says, "Howard Bowen is better prepared to survey the overall consequences of higher education in the United States than anyone else."
Book Synopsis Estimating Marginal Returns to Higher Education in the UK by : Robert Moffitt
Download or read book Estimating Marginal Returns to Higher Education in the UK written by Robert Moffitt and published by . This book was released on 2007 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: A long-standing issue in the literature on education is whether marginal returns to education fall as education rises. If the population differs in its rate of return, a closely related question is whether marginal returns to higher education fall as a greater fraction of the population enrolls. This paper proposes a nonparametric method of estimating marginal treatment effects in heterogeneous populations, and applies it to this question, examining returns to higher education in the UK. The results indicate that marginal returns to higher education fall as the proportion of the population with higher education rises, consistent with the Becker Woytinsky Lecture hypothesis.
Book Synopsis Higher Education and Economic Growth by : William E. Becker Jr.
Download or read book Higher Education and Economic Growth written by William E. Becker Jr. and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: After decades of effortless growth and prosperity, America's postsecondary institutions of education have come under increasing financial stress and waning public support. In part, this stress reflects a slowdown in the real rate of national economic growth and the loss of federal and state revenues for education generally. It also reflects a trend of state legislatures simply giving higher education an ever lower ranking on the list of funding priorities. Postsecondary educational institutions in the United States will continue to face increasing financial stress and waning public support as critics question the contribution of higher education to economic growth, which historically has been a major rationale for funding. Unless the trends in education financing can be changed, higher edu cation can be expected to stagnate. What, if anything, can be done? As a starting point, advocates of higher education need to more fully recognize the important ways in which higher education influences technological change and also is influenced by that change. As demonstrated by the chapters in this book, higher education is not a neutral or passive player in economic growth. This volume addresses topics related to the role of postsecondary education in national economic development within the United States.
Book Synopsis Higher Education: Handbook of Theory and Research by : J.C. Smart
Download or read book Higher Education: Handbook of Theory and Research written by J.C. Smart and published by Springer Science & Business Media. This book was released on 2006-01-18 with total page 565 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published annually since 1985, the Handbook series provides a compendium of thorough and integrative literature reviews on a diverse array of topics of interest to the higher education scholarly and policy communities. Each chapter provides a comprehensive review of research findings on a selected topic, critiques the research literature in terms of its conceptual and methodological rigor, and sets forth an agenda for future research intended to advance knowledge on the chosen topic. The Handbook focuses on twelve general areas that encompass the salient dimensions of scholarly and policy inquiries undertaken in the international higher education community. Each annual volume contains manuscripts on such diverse topics as research on college students and faculty, governance and planning, advances in research methodology, economics and finance, and curriculum and instruction. The series is fortunate to have attracted annual contributions from distinguished scholars throughout the world. It encompasses: Comprehensive reviews of contemporary and emerging issues in postsecondary education - Hundreds of citations in a wide range of scholarly journals, including all leading journals of higher education and many other social science and professional journals - An indispensable resource for administrators, researchers and policymakers - Published annually since 1985.
Book Synopsis The Returns to College(s) by : Jack Mountjoy
Download or read book The Returns to College(s) written by Jack Mountjoy and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Students who attend different colleges in the U.S. end up with vastly different economic outcomes. We study the role of relative value-added across colleges within student choice sets in producing these outcome disparities. Linking high school, college, and earnings registries spanning the state of Texas, we identify relative college value-added by comparing the outcomes of students who apply to and are admitted by the same set of institutions, as this approach strikingly balances observable student potential across college treatments and renders our extensive set of covariates irrelevant as controls. Methodologically, we develop a framework for identifying and interpreting value-added under varying assumptions about match effects and sorting gains. Empirically, we estimate a relatively tight, though non-degenerate, distribution of relative value-added across the wide diversity of Texas public universities. Selectivity poorly predicts value-added within student choice sets, with only a fleeting selectivity earnings premium fading to zero after a few years in the labor market. Non-peer college inputs like instructional spending more strongly predict value-added, especially conditional on selectivity. Colleges that boost BA completion, especially in STEM majors, also tend to boost earnings. Finally, we probe the potential for (mis)match effects by allowing value-added schedules to vary by student characteristics.
Book Synopsis The Economics of American Higher Education by : William E. Becker Jr.
Download or read book The Economics of American Higher Education written by William E. Becker Jr. and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Postsecondary educational institutions in the United States are facing increasing financial stress and waning public support. Unless these trends can be changed, higher education can be expected to stagnate. What, if anything, can be done? As a starting point, advocates of higher education need to more fully recognize the issues associated with the economic mission of higher education and how this mission gets translated into individual student gains, regional growth, and social equity. This requires an understanding of the relationship between the outcomes of higher education and measures of economic productivity and well-being. This volume addresses topics related to the role of postsecondary education in microeconomic development within the United States. At tention is given to the importance of colleges and universities 'in the enhancement of individual students and in the advancement of the com munities and states within which they work. Although several of the chapters in this volume are aimed at research/teaching universities, much of what is presented throughout can be generalized to all of postsecondary education. Little attention, however, is given to the role of higher education in the macroeconomic development of the United States; this topic is covered in our related book, American Higher Education and National Growth.
Book Synopsis The Returns to Education by : Colm Harmon
Download or read book The Returns to Education written by Colm Harmon and published by . This book was released on 2000 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economics of Education by : Steve Bradley
Download or read book The Economics of Education written by Steve Bradley and published by Academic Press. This book was released on 2020-01-17 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economics of Education: A Comprehensive Overview, Second Edition, offers a comprehensive and current overview of the field of that is broadly accessible economists, researchers and students. This new edition revises the original 50 authoritative articles and adds Developed (US and European) and Developing Country perspectives, reflecting the differences in institutional structures that help to shape teacher labor markets and the effect of competition on student outcomes. Provides international perspectives that describe the origins of key subjects, their major issues and proponents, their landmark studies, and opportunities for future research Increases developing county perspectives and comparisons of cross-country institutions Requires no prior knowledge of the economics of education
Book Synopsis The Economics of Higher Education by : C. R. Belfield
Download or read book The Economics of Higher Education written by C. R. Belfield and published by Edward Elgar Publishing. This book was released on 2003 with total page 770 pages. Available in PDF, EPUB and Kindle. Book excerpt: Part 1 Economic benefits of higher education: the economic returns to lifelong learning in OECD countries, Elchanan Cohn and John T. Addison; changes in the rate of return to education in Sweden, Marten O. Palme and Robert E. Wright; the economic returns to college major, quality and performance - a multilevel analysis of recent graduates, Russell W. Rumberger and Scott L. Thomas; does it pay to attend an elite private college? cross-cohort evidence on the effects of college type on earnings, Dominic J. Brewer; the gender earnings gap among college-educated workers, Linda Datcher Loury; higher education as a filter, Kenneth J. Arrow; degrees matter - new evidence on sheepskin effects in the returns to education, David A. Jaeger and Marianne E. Page; health, wealth and happiness - why pursue a higher education?, Joop Hartog and Hessel Oosterbeek; R & D-based models of economic growth, Charles I. Jones; universities as a source of commercial technology - a detailed analysis of university patenting, 1965-1988, Rebecca Henderson, Adam B. Jaffe and Manuel Trajtenberg; public spending on higher education in developing countries - too much or too little?, Nancy Birdsall. Part 2 Student demand and student preferences: student price response in higher education - an update to Leslie and Brinkman, Donald E. Heller; college entry by blacks since 1970 - the role of college costs, family background and the returns to education, Thomas J. Kane. Part 3 Technology and production of higher education: the analytics of the pricing of higher education and other services in which the customers are inputs, Michael Rothschild and Lawrence J. White; evaluating educational inputs in undergraduate education, Robert C. Dolan et al; the determinants of undergraduate grade point average - the relative importance of family background, high school resources and peer group effects, Julian R. Betts and Darlene Morell; determinants of college completion - school quality of stud.
Book Synopsis The Public Responsibility for Higher Education and Research by : Luc Weber
Download or read book The Public Responsibility for Higher Education and Research written by Luc Weber and published by Council of Europe. This book was released on 2005-01-01 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: The public responsibility for higher education and research is a cornerstone of the European university heritage. Yet, our societies are changing rapidly, and clinging to old solutions will not further the very values that these solutions were originally designed to protect. The claim on public attention and public funds is growing, but public funds are not, or at least not at the same rate. While public funding of higher education and research is still important, the concept of public responsibility must be understood much more widely. It must also be nuanced by looking more closely at different degrees and levels of public responsibility as well as at the instruments available for exercising such responsibility. The book, which builds on a Council of Europe conference, aims to explore what public responsibility means in the complex societies that have just crossed the threshold to the 21st century by examining both overall higher education policies and specific aspects of it such as higher education for a democratic culture, access to research results, financing, equal opportunities, the approach to regulation and new trends in higher education.
Book Synopsis OECD Economic Surveys: Slovenia 2011 by : OECD
Download or read book OECD Economic Surveys: Slovenia 2011 written by OECD and published by OECD Publishing. This book was released on 2011-02-18 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: OECD's 2011 survey of Slovenia's economy. This edition includes chapters covering the aftermath of the crisis, improving educational outcomes, and foreign investment, governance and economic performance.
