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Schooling and National Income: How Large Are the Externalities? Corrected Estimates

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  • Theodore R. Breton

Abstract

This article presents revised estimates of the external rates of return on investment in schooling provided in “Schooling and National Income: How Large Are the Externalities?” The analysis is based on data for the same set of countries, but it incorporates methodological improvements that yield lower estimates of these rates. The revised marginal external rates of return range from four percent in the highest-income countries to about 35 percent in the lowest-income countries. These rates are about half the private rates of return in high-income countries and about double the private rates in the lowest-income countries.

Suggested Citation

  • Theodore R. Breton, 2010. "Schooling and National Income: How Large Are the Externalities? Corrected Estimates," Documentos de Trabajo de Valor Público 11828, Universidad EAFIT.
    • Handle: RePEc:col:000122:011828
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    Cited by:

    1. Matthias Blum & Christopher L. Colvin & Laura McAtackney & Eoin McLaughlin, 2017. "Women of an uncertain age: quantifying human capital accumulation in rural Ireland in the nineteenth century," Economic History Review, Economic History Society, vol. 70(1), pages 187-223, February.
    2. Breton, Theodore R., 2011. "The quality vs. the quantity of schooling: What drives economic growth?," Economics of Education Review, Elsevier, vol. 30(4), pages 765-773, August.
    3. Theodore R. Breton, 2015. "Higher Test Scores or More Schooling? Another Look at the Causes of Economic Growth," Journal of Human Capital, University of Chicago Press, vol. 9(2), pages 239-263.
    4. Harashima, Taiji, 2021. "An Economic Theory of Education Externalities: Effects of Education Capital," MPRA Paper 107580, University Library of Munich, Germany.
    5. Breton, Theodore R., 2015. "Human capital and growth in Japan: Converging to the steady state in a 1% world," Journal of the Japanese and International Economies, Elsevier, vol. 36(C), pages 73-89.
    6. Aidan R. Vining & David L. Weimer, 2019. "The Value of High School Graduation in the United States: Per-Person Shadow Price Estimates for Use in Cost–Benefit Analysis," Administrative Sciences, MDPI, vol. 9(4), pages 1-15, October.

    More about this item

    Keywords

    Human Capital; Education; Schooling; Economic Growth; External Benefits;
    All these keywords.

    JEL classification:

    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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