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Conceptual Framework for the Analysis of the Social Benefits of Lifelong Learnings

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  • Walter McMahon

Abstract

This paper systematically identifies the market and non-market returns to education over the life cycle of gruaduates, as well as the social benefits externalities. It considers the most recent developments in the measurement and the valuation of these returns to additions to existing provisions for education and relates them to the costs. This is within the conceptual framework for lifelong learning defined by the graduate's life cycle, given that the capacity of graduates to learn later and to adapt is correlated with their prior schooling. The paper suggests that the capacity to finance lifelong learning depends on the capacity to identify and credibly measure these net social and private benefits, some of which are not well known and about which there is also misinformation. It also concludes that the capacity to finance education depends on political processes, which therefore are analyzed also, and on the capacity to build broad-based coalitions using knowledge about these marginal products.

Suggested Citation

  • Walter McMahon, 1998. "Conceptual Framework for the Analysis of the Social Benefits of Lifelong Learnings," Education Economics, Taylor & Francis Journals, vol. 6(3), pages 309-346.
  • Handle: RePEc:taf:edecon:v:6:y:1998:i:3:p:309-346
    DOI: 10.1080/09645299800000022
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    References listed on IDEAS

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    1. Robert T. Michael, 1972. "The Effect of Education on Efficiency in Consumption," NBER Books, National Bureau of Economic Research, Inc, number mich72-1.
    2. Robert T. Michael, 1972. "Introduction to "The Effect of Education on Efficiency in Consumption"," NBER Chapters, in: The Effect of Education on Efficiency in Consumption, pages 3-6, National Bureau of Economic Research, Inc.
    3. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65(2), pages 135-135.
    4. Eliasson, Gunnar & Fölster, Stefan & Lindberg, Thomas & Pousette, Tomas & Taymaz, Erol, 1990. "The Knowledge Based Information Economy," Working Paper Series 256, Research Institute of Industrial Economics.
    5. Eisner, Robert, 1989. "The Total Incomes System of Accounts," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226196381, April.
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    Cited by:

    1. Luis Vila & Belen Garcia-Mora, 2005. "Education and the Determinants of Job Satisfaction," Education Economics, Taylor & Francis Journals, vol. 13(4), pages 409-425.
    2. Andronis, Lazaros & Maredza, Mandy & Petrou, Stavros, 2019. "Measuring, valuing and including forgone childhood education and leisure time costs in economic evaluation: Methods, challenges and the way forward," Social Science & Medicine, Elsevier, vol. 237(C), pages 1-1.
    3. P. N. Junankar, 2003. "Estimating the Social Rate of Return to Education for Indigenous Australians," Education Economics, Taylor & Francis Journals, vol. 11(2), pages 169-192.
    4. repec:kap:iaecre:v:13:y:2007:i:2:p:157-170 is not listed on IDEAS
    5. Dhaoui, Elwardi, 2015. "Incorporation de Nouvelles Variables dans le Modèle Mincerian dans un Contexte de Marché du Travail Segmenté : Application aux Données de la Tunisie [Incorporation of new variables into the Minceri," MPRA Paper 61292, University Library of Munich, Germany.
    6. Ryan, Paul., 2003. "Lifelong learning : potential and constraints with special reference to policies in the United Kingdom and Europe," ILO Working Papers 994096163402676, International Labour Organization.
    7. Yakovlev, Pavel & Leguizamon, Susane, 2012. "Ignorance is not bliss: On the role of education in subjective well-being," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(6), pages 806-815.
    8. J¸ri Sepp & Mart Sırg, 2004. "Main Features of Academic Economic Education Reforms in The University of Tartu," Working Papers 116, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
    9. Wilks, Daniela, 2008. "Private Affluence Versus Public Squalor: Atittudes Towards Recycling Domestic Waste," Working Papers 6/2008, Universidade Portucalense, Centro de Investigação em Gestão e Economia (CIGE).
    10. Arias, Omar & McMahon, Walter W., 2001. "Dynamic rates of return to education in the U.S," Economics of Education Review, Elsevier, vol. 20(2), pages 121-138, April.
    11. Ongo Nkoa B. Emmanuel & Vukenkeng Andrew Wujung & Seppo Martin P. Emmanuel, 2014. "Mechanisms of the Influence of Human Capital on Economic Growth: A Panel Data Analysis of the CEMAC Region," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(5), pages 625-640, May.
    12. Emilio Aguirre, 2016. "Impacto de ser becado del Programa Compromiso Educativo," Documentos de Trabajo (working papers) 1616, Department of Economics - dECON.
    13. Boopen SEETANAH & viraiyan teeroovengadum, 2017. "Higher Education and Economic Growth: Evidence from Africa," Proceedings of Economics and Finance Conferences 4807254, International Institute of Social and Economic Sciences.
    14. Eugenia Fabra Florit & Luis Vila Lladosa, 2007. "Evaluation of the Effects of Education on Job Satisfaction: Independent Single-Equation vs. Structural Equation Models," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 13(2), pages 157-170, May.
    15. Fabra, M. Eugenia & Camisón, Cesar, 2009. "Direct and indirect effects of education on job satisfaction: A structural equation model for the Spanish case," Economics of Education Review, Elsevier, vol. 28(5), pages 600-610, October.
    16. Nuno Crespo & Nádia Simões & José Castro Pinto, 2013. "Determinant factors of job quality in Europe," Working Papers Series 2 13-01, ISCTE-IUL, Business Research Unit (BRU-IUL).
    17. repec:ilo:ilowps:409616 is not listed on IDEAS
    18. Garcia-Aracil, Adela & Winter, Carolyn, 2006. "Gender and ethnicity differentials in school attainment and labor market earnings in Ecuador," World Development, Elsevier, vol. 34(2), pages 289-307, February.
    19. Panteleimon Bakirtzoglou & Panagiotis Ioannou, 2017. "Job’s Satisfaction among Trainers of Public Vocational Training Institutes in Greece," Journal of Education and Vocational Research, AMH International, vol. 7(4), pages 21-30.
    20. Agasisti, Tommaso & Bertoletti, Alice, 2022. "Higher education and economic growth: A longitudinal study of European regions 2000–2017," Socio-Economic Planning Sciences, Elsevier, vol. 81(C).
    21. Floreani, Vincent Arthur, 2014. "Fixing Europe's youth unemployment and skills mismatch, can public financial support to SMEs be effective? The case of the European Commission and European Investment Bank joint initiatives," MPRA Paper 55849, University Library of Munich, Germany.

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