Education, growth, and income inequality
Estimates of the effect of education on GDP (the social return) have been hard to reconcile with micro evidence on the private return to schooling. We present a simple explanation combining two ideas: imperfect substitution and endogenous skill-biased technological progress and use cross-country pan...
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| Veröffentlicht in: | The review of economics and statistics 2008-02, Vol.90 (1), p.89-104 |
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| creator | Teulings, Coen Rens, Thijs van |
| description | Estimates of the effect of education on GDP (the social return) have been hard to reconcile with micro evidence on the private return to schooling. We present a simple explanation combining two ideas: imperfect substitution and endogenous skill-biased technological progress and use cross-country panel data on inequality and GDP to test these ideas. A one-year increase in the level of education reduces the private return by 2 percentage points, consistent with Katz-Murphy's (1992) elasticity of substitution. We find no evidence for reversal of this initial effect as in Acemoglu (2002). In the short run, the social return equals the private return. |
| doi_str_mv | 10.1162/rest.90.1.89 |
| format | Article |
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| source | JSTOR Mathematics & Statistics; EBSCOhost Business Source Complete; JSTOR Archive Collection A-Z Listing; MIT Press Journals |
| subjects | Bildungsertrag Bildungsökonomie Coefficients Economic statistics Economic theory Education Educational attainment Einkommensverteilung Estimators GDP Gross Domestic Product Growth models Higher education Human capital Humankapital Income inequality Labor economics Lohnstruktur Outcomes of education Schätzung Statistical variance Studies Theorie Wachstumstheorie Welt Workforce |
| title | Education, growth, and income inequality |
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