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Earnings and education in Greece, 1960–1977

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  • Psacharopoulos, George

Abstract

This paper analyses the structure of earnings in Greece by level of education in 1960, 1964 and 1977 by means of individual data raised by special labour market surveys covering nearly 12,000 employees in urban areas. The human capital specification of the earnings function explains, as elsewhere, about one third of a particular measure of income inequality (the variance of log-earnings). The rate of return to schooling as a whole, and to investment in higher education in particular, has declined drastically between the early sixties and the late seventies, a fact that is attributed to the expansion of higher education enrolment and graduates. The paper concludes with a discussion of the apparent puzzle of a strong social demand for higher education combined with a low private rate of return to this level of schooling.

Suggested Citation

  • Psacharopoulos, George, 1982. "Earnings and education in Greece, 1960–1977," European Economic Review, Elsevier, vol. 17(3), pages 333-347.
    • Handle: RePEc:eee:eecrev:v:17:y:1982:i:3:p:333-347
    DOI: 10.1016/S0014-2921(82)80068-8
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    References listed on IDEAS

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    1. Mincer, Jacob & Polachek, Solomon, 1974. "Family Investment in Human Capital: Earnings of Women," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages 76-108, Part II, .
    2. Jacob A. Mincer, 1974. "Introduction to "Schooling, Experience, and Earnings"," NBER Chapters, in: Schooling, Experience, and Earnings, pages 1-4, National Bureau of Economic Research, Inc.
    3. Mark R. Rosenzweig & Jack Morgan, 1976. "Wage Discrimination: A Comment," Journal of Human Resources, University of Wisconsin Press, vol. 11(1), pages 3-7.
    4. Jacob A. Mincer, 1974. "Schooling, Experience, and Earnings," NBER Books, National Bureau of Economic Research, Inc, number minc74-1, February.
    5. George Psacharopoulos & Richard Layard, 1979. "Human Capital and Earnings: British Evidence and a Critique," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 46(3), pages 485-503.
    6. Jacob A. Mincer, 1974. "Schooling and Earnings," NBER Chapters, in: Schooling, Experience, and Earnings, pages 41-63, National Bureau of Economic Research, Inc.
    7. George Psacharopoulos, 1970. "Estimating Shadow Rates of Return to Investment in Education," Journal of Human Resources, University of Wisconsin Press, vol. 5(1), pages 34-50.
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    Cited by:

    1. Harry A Patrinos, 2022. "Returns to Education in Greece: Evidence from the 1977 Labor Market Survey using the Greek Civil War as an Instrument," Economics Bulletin, AccessEcon, vol. 42(1), pages 288-293.
    2. Tsakloglou, Panos & Antoninis, Manos, 1999. "On the distributional impact of public education: evidence from Greece," Economics of Education Review, Elsevier, vol. 18(4), pages 439-452, October.
    3. Kostakis, Ioannis & Lolos, Sarantis & Doulgeraki, Charikleia, 2020. "Cultural Heritage led Growth: Regional evidence from Greece (1998-2016)," MPRA Paper 98443, University Library of Munich, Germany.
    4. Evangelia Papapetrou & Dimitrios Bakas, 2013. "The Greek labour market during the crisis: unemployment, employment and labour force participation," Economic Bulletin, Bank of Greece, issue 38, pages 65-83, November.
    5. George Psacharopoulos, 1986. "Welfare Effects Of Government Intervention In Education," Contemporary Economic Policy, Western Economic Association International, vol. 4(3), pages 51-62, July.
    6. Evangelia Vourvachaki, 2013. "Structural reform of the road haulage sector," Economic Bulletin, Bank of Greece, issue 38, pages 21-32, November.
    7. Nikos Karabalis & Euripides Kondelis, 2013. "Indirect tax increases and their impact on inflation over 2010 – 2012," Economic Bulletin, Bank of Greece, issue 38, pages 7-19, November.
    8. Panagiota Tzamourani, 2013. "The Household Finance Survey: description of the 2009 survey and main results on households’ income, wealth and debt in Greece," Economic Bulletin, Bank of Greece, issue 38, pages 85-101, November.
    9. Ioannis Cholezas & Nikolaos C Kanellopoulos & Theodoros Mitrakos & Panos Tsakloglou, 2013. "The impact of the current crisis on private returns to education in Greece," Economic Bulletin, Bank of Greece, issue 38, pages 33-63, November.

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