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The Economics of Education: A Comprehensive Overview, Second Edition, offers a comprehensive and current overview of the field of that is broadly accessible economists, researchers and students. This new edition revises the original 50 authoritative articles and adds Developed (US and European) and Developing Country perspectives, reflecting the differences in institutional structures that help to shape teacher labor markets and the effect of competition on student outcomes. - Provides international perspectives that describe the origins of key subjects, their major issues and proponents, their landmark studies, and opportunities for future research - Increases developing county perspectives and comparisons of cross-country institutions - Requires no prior knowledge of the economics of education
A collection of short, stand-alone chapters divided into five sections including overview of the field; private and social returns to human capital investments; production, costs and ?nancing of education; teachers and teacher labor markets; and education markets, choice and incentives. The collection provides international perspectives that describe the origins of these subjects, their major issues and proponents, their landmark studies, and opportunities for future research. The 70 contributors are each well-regarded economists whose research has advanced the topic on which they write, and this book fulfills an undersupplied niche for a text in the economics of education. The chapters come from the acclaimed International Encyclopedia of Education, 3e (2010), edited by Eva Baker, Barry McGaw, and Penelope Peterson. The Encyclopedia contains over 1,350 articles in 24 sections that stretch from educational philosophies and technologies to measurement, leadership, and national systems of education. - This single volume textbook presents a cohesive view of this increasingly important area ofeconomics - Superb contributions from well-regarded economist convey unique and useful perspectives - Chapters contain an extensive bibliography and further readings to enable interestedresearchers to extend their knowledge into each speci?c topic
A guide to the continually evolving field of labour economics.
Why we need to stop wasting public funds on education Despite being immensely popular—and immensely lucrative—education is grossly overrated. Now with a new afterword by Bryan Caplan, this explosive book argues that the primary function of education is not to enhance students' skills but to signal the qualities of a good employee. Learn why students hunt for easy As only to forget most of what they learn after the final exam, why decades of growing access to education have not resulted in better jobs for average workers, how employers reward workers for costly schooling they rarely ever use, and why cutting education spending is the best remedy. Romantic notions about education being "good for the soul" must yield to careful research and common sense—The Case against Education points the way.
This book provides a careful historical analysis of the co-evolution of educational attainment and the wage structure in the United States through the twentieth century. The authors propose that the twentieth century was not only the American Century but also the Human Capital Century. That is, the American educational system is what made America the richest nation in the world. Its educational system had always been less elite than that of most European nations. By 1900 the U.S. had begun to educate its masses at the secondary level, not just in the primary schools that had remarkable success in the nineteenth century. The book argues that technological change, education, and inequality have been involved in a kind of race. During the first eight decades of the twentieth century, the increase of educated workers was higher than the demand for them. This had the effect of boosting income for most people and lowering inequality. However, the reverse has been true since about 1980. This educational slowdown was accompanied by rising inequality. The authors discuss the complex reasons for this, and what might be done to ameliorate it.
How do the benefits of higher education compare with its costs, and how does this comparison vary across individuals and institutions? These questions are fundamental to quantifying the productivity of the education sector. The studies in Productivity in Higher Education use rich and novel administrative data, modern econometric methods, and careful institutional analysis to explore productivity issues. The authors examine the returns to undergraduate education, differences in costs by major, the productivity of for-profit schools, the productivity of various types of faculty and of outcomes, the effects of online education on the higher education market, and the ways in which the productivity of different institutions responds to market forces. The analyses recognize five key challenges to assessing productivity in higher education: the potential for multiple student outcomes in terms of skills, earnings, invention, and employment; the fact that colleges and universities are “multiproduct” firms that conduct varied activities across many domains; the fact that students select which school to attend based in part on their aptitude; the difficulty of attributing outcomes to individual institutions when students attend more than one; and the possibility that some of the benefits of higher education may arise from the system as a whole rather than from a single institution. The findings and the approaches illustrated can facilitate decision-making processes in higher education.
This paper examines the assertion that returns to schooling increase as an economy transitions to a market environment. This claim has been difficult to assess as existing empirical evidence covers only a few countries over short time periods. A number of studies find that returns to education increased from the "pre-transition" period to the "early transition" period. It is not clear what has happened to the skills premium through the late 1990s, or the period thereafter. The authors use data that are comparable across countries and over time to estimate returns to schooling in eight transition economies (Bulgaria, Czech Republic, Hungary, Latvia, Poland, Russia, Slovak Republic, and Slovenia) from the early transition period up to 2002. In the case of Hungary, they capture the transition process more fully, beginning in the late 1980s. Compared to the existing literature, they implement a more systematic analysis and perform more comprehensive robustness checks on the estimated returns, although at best they offer only an incomplete solution to the problem of endogeneity. The authors find that the evidence of a rising trend in returns to schooling over the transition period is generally weak, except in Hungary and Russia where there have been sustained and substantial increases in returns to schooling. On average, the estimated returns in the sample are comparable to advanced economy averages. There are, however, significant differences in returns across countries and these differentials have remained roughly constant over the past 15 years. They speculate on the likely institutional and structural factors underpinning these results, including incomplete transition and significant heterogeneity and offsetting developments in returns to schooling within countries.
A guide to the continually evolving field of labour economics.
Economics of Education: Research and Studies reviews key topics in the field of economics of education since 1960s. This book is organized into 12 parts. Part I and Part II focus on the supply side of human capital and narrower aspects of human capital creation by means of education. Subsequent parts look at the benefits of education; relationship between education and employment; controversies in the field of economics of education; issues of manpower planning; and methodology for empirically analyzing the issues in the economics of education. The last two parts address the costs of education, with emphasis on cost function, analysis and on the financing of education.