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The Private and the Social Returns on Investment in Education: Some Results for Great Britain

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  • Mark Blaug

Abstract

This paper summarizes the results of two recent efforts to estimate rates of return to educational investment in Great Britain. Because there is no basic source of age-education-income data such as is available in the U.S., the analysis employs data which are by-products of several surveys conducted for other reasons. Consequently, rather extensive adjustments in the data were required. The rate-of-return results indicate that, while there is little evidence of social overinvestment in higher education, some social underinvestment appears to exist at the secondary level. However, the private rates of return tend to exceed those for alternative investment forms.

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  • Mark Blaug, 1967. "The Private and the Social Returns on Investment in Education: Some Results for Great Britain," Journal of Human Resources, University of Wisconsin Press, vol. 2(3), pages 330-346.
    • Handle: RePEc:uwp:jhriss:v:2:y:1967:i:3:p:330-346
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    Cited by:

    1. Carciofi, Ricardo, 1980. "Acerca del debate sobre educación y empleo en América Latina," Oficina de la CEPAL en Buenos Aires (Estudios e Investigaciones) 28557, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Jensen, Bjarne S. & Pedersen, Peder J. & Guest, Ross, 2022. "Demographic Changes, Labor Supplies, Labor Complementarities, Calendar Annual Wages of Age Groups, and Cohort Life Wage Incomes," IZA Discussion Papers 15127, Institute of Labor Economics (IZA).
    3. Irias, Luiz Jose Maria & Avila, Antonio Flavio Dias, 1987. "Returns to Investment in Training of Agricultural Researchers," 1987 Occasional Paper Series No. 4 197419, International Association of Agricultural Economists.
    4. Roberts, Blaine, 1969. "An extension of utility theory," ISU General Staff Papers 196901010800004596, Iowa State University, Department of Economics.

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