The evaluation of the returns to investments in human capital has been at the core of the economics of education since the seminal work of Theodore Schultz published in 1961. The most significant methodological advances have come in parallel with more general developments in applied microeconometrics, such as the particular interest in issues of causality and unobserved heterogeneity. The new empirical findings document a widespread decline in rates of return to education over time. In this chapter we review some developments and present new international comparative results on the heterogeneity of returns to education. Apart from reviewing endogeneity and heterogeneity issues, we also pay attention to the main findings on return to early years education and returns to overeducation.
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Geraint Johnes, Jill Johnes and Laura López-Torres
Edited by Geraint Johnes, Jill Johnes, Tommaso Agasisti and Laura López-Torres
Colin Fenwick and Valérie Van Goethem
Edited by Colin Fenwick and Valérie Van Goethem
Jonathan Corcoran and Alessandra Faggian
What Can Be Done About Wealth Inequality?
Roger A. McCain
Sketches the plan of the book. Argues that wealth inequality is the basis of many other economic problems, noting that concentrations of wealth inevitably become concentrations of political power; this concentration of political power makes political democracy increasingly difficult to sustain; concentration of wealth inevitably creates instability and differences of social status, and inequality of wealth is the major cause of income inequality.