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Human capital and returns to education

In: Handbook of Contemporary Education Economics

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  • Geraint Johnes
  • Jill Johnes
  • Laura López-Torres

Abstract

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.

Suggested Citation

  • Geraint Johnes & Jill Johnes & Laura López-Torres, 2017. "Human capital and returns to education," Chapters, in: Geraint Johnes & Jill Johnes & Tommaso Agasisti & Laura López-Torres (ed.), Handbook of Contemporary Education Economics, chapter 1, pages 1-20, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17209_1
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    Keywords

    Economics and Finance; Education;

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