The Social Rates of Return of R&D, Scientists, Engineers and Tertiary Education System Investments: International Evidence

Jolison Dias and María Helena Ambrosio Dias
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Jolison Dias: Universidad Stadual de Maringá, Brazil
María Helena Ambrosio Dias: Universidad Stadual de Maringá, Brazil

Revista Latinoamericana de Desarrollo Economico, 2006, issue 7, 9-28

Abstract: The objetive of this paper is to estimate the social rates of returns to tertiary education investment and its output- R&D and scientist and engineers- in the economy. In measuring this social impact, we account for the endogeneity problems using instrumental variables. Our Instruments are the one suggested by Hall and Jones (1999). Our econometric results show that the investments in R&D, scientist and engineers and tertiary education for 70 countries are well above the private one, which may justify targeted policies.

Keywords: Social; Rates; Engineers; Education; Sistems (search for similar items in EconPapers)
JEL-codes: Z00 (search for similar items in EconPapers)
Date: 2006
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