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  • Estimating The Return To Schooling Us Ing The Mincer Equation

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    The document discusses private and social rates of return from investing in education. It states that private rates of return calculated using the Mincer equation are useful globally but do not account for broader social benefits to a country from education, which include government spending on education and impacts like lower fertility, improved health, and reduced crime. Estimating social rates of return requires more data on social costs and benefits than is typically available and techniques beyond standard human capital earnings functions.

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    To Education

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    The document discusses private and social rates of return from investing in education. It states that private rates of return calculated using the Mincer equation are useful globally but do not account for broader social benefits to a country from education, which include government spending on education and impacts like lower fertility, improved health, and reduced crime. Estimating social rates of return requires more data on social costs and benefits than is typically available and techniques beyond standard human capital earnings functions.

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    Estimating The Return To Schooling Us Ing The Mincer Equation

    Uploaded by

    Anonymous xr6hBx1
    The document discusses private and social rates of return from investing in education. It states that private rates of return calculated using the Mincer equation are useful globally but do not account for broader social benefits to a country from education, which include government spending on education and impacts like lower fertility, improved health, and reduced crime. Estimating social rates of return requires more data on social costs and benefits than is typically available and techniques beyond standard human capital earnings functions.

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    © All Rights Reserved
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    of 1

    to education.

    Finally, private rates of return are globally applicable and useful. But, for
    many policy decisions, one
    needs to assess the broader social rates of return, which include
    government/public spending
    on the cost side and, among other things, monetary estimates of the
    benefits associated with
    an individuals investment in education and their childrens education and
    health (e.g. declines
    in fertility, spouses health, job search efficiency, social cohesion, reductions
    in crime, and
    IZA World of Labor | July 2016 | wol.iza.org

    Harry Anthony Patrinos | Estimating the return to schooling us ing the Mincer

    equation
    World of Labor
    Evidence-based policy making

    so on). These are not presented in this paper, since they require more data
    than is currently
    available for the vast majority of countries, and because they require
    estimation techniques
    that go beyond the capabilities of standard human capital earnings
    functions. The Mincer
    equation can incorporate social costs; more difficult is the inclusion of social
    benefits. Yet
    another difficulty is the absence of data for the many social benefits.

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