The Economics of Education
TL;DR: In this paper, the costs of provision of resources in the private or public sector are discussed, as well as the performance indicators of the graduate labour market and the labour market for Educators.
Abstract: Introduction - Human Capital - Rates of Return - Human Resource Needs - Private or Public Sector? - The Costs of Provision - Auctions, Vouchers and Loans - Universities as Multi-product Firms - Performance Indicators - The Graduate Labour Market - The Labour Market for Educators - Conclusion
Citations
More filters
TL;DR: A review of human capital theory can be found in this article, where the theoretical and empirical foundations of the field were articulated and established, starting in 1776 and ending in the 1960s.
Abstract: This review of human capital theory begins in 1776 and ends in the 1960s, when the theoretical and empirical foundations of the field were articulated and established. The review is organized to provide a general reference to human capital theory, its historical development, and its major methodological approaches. While human capital research has not been limited to education, it usually includes empirical measures of education and produces results that affect educators and education policy. Review of the foundation studies that were conceived by Nobel prize laureates and historically prominent economists supports the position that educators should draw their own informed conclusions and define the agenda of future human capital research.
508 citations
Cites background from "The Economics of Education"
...One main reason for this is that education is perceived to contribute to health and nutritional improvements (Schultz, 1963); a second and more empirically important reason is that education may be measured in quantitative dollar costs and years of tenure (Johnes, 1993)....
[...]
01 Mar 2006
TL;DR: In this article, the relevance of education and the demand for education are discussed, as well as the supply of education, the return on education, and the need for education financing.
Abstract: List of figures List of tables Preface 1. The relevance of education 2. The demand for education 3. Liquidity constraints and access to education 4. The supply of education 5. Education financing 6. The return on education 7. Intergenerational persistence References Subject index Author index.
255 citations
TL;DR: In this article, the authors provide estimates of short-cut, Mincer-type and internal rates of return to schooling, as well as alternative estimates of the returns to formal and informal post-school training investments.
Abstract: Recent literature on the returns to schooling and vocational and occupational training in OECD countries is examined, with somewhat greater emphasis being accorded the US and UK experience. We provide estimates of short-cut, Mincer-type and internal rates of return to schooling, as well as alternative estimates of the returns to formal and informal post-school training investments.
143 citations
TL;DR: The authors examines recent research on the private returns to investment in baccalaureate and sub-baccalureate education, and student responsiveness to prices and subsidies (e.g., tuition and financial aid).
Abstract: This article examines recent research on the private returns to investment in baccalaureate and sub-baccalaureate postsecondary education, the social returns to investment in higher education, and student responsiveness to prices and subsidies (e.g., tuition and financial aid). The analysis focuses on the implications of recent research on the economics of attending college for policy and practice in a variety of specific areas such as enrollment management; the role of community colleges and other sub-baccalaureate institutions relative to welfare-to-work programs, tuition taxcredit legislation, and the value of investing in credits even without credentials; the development of effective high-tuition, high-aid, and other state and institutional pricing strategies; and the inequities in the distribution of access and choice in higher education that is evident in the widening gaps in participation rates of white and minority youth and higher- and lower-income students, as well as in the growing concentration of lower-income students at-and the flight of middle- and upper-income students from-community colleges.
89 citations
TL;DR: In this paper, an augmented gravity equation is used to analyze international student migration to Germany, one of the most important destination countries for international students worldwide, using data on international student migrants.
Abstract: The past decades have witnessed an impressive growth of international student mobility. This article presents first empirical evidence on international student migration to Germany, one of the most important destination countries for international students worldwide. While previous research in the field has mainly used data on international trade in educational services, I use a novel approach that analyzes student mobility as a form of migration, using data on international student migrants. An augmented gravity equation is the basis for the theoretical and empirical framework. I also provide extensive sensitivity checks of the empirical results and estimates using both the usual log-linearized and a multiplicative specification of the gravity equation, following recent work by Santos Silva and Tenreyro (Rev Econ Stat 88(4): 641–658, 2006). The results provide evidence for the importance of distance—a familiar result from the empirical migration literature. Unlike for international migration on the whole, the importance of disposable income in the home country does not seem to be too big for students, and student migrant flows from politically unfree countries are significantly lower.
86 citations