Earnings and education in Greece, 1960–1977

George Psacharopoulos

European Economic Review, 1982, vol. 17, issue 3, 333-347

Abstract: This paper analyses the structure of earnings in Greece by level of education in 1960, 1964 and 1977 by means of individual data raised by special labour market surveys covering nearly 12,000 employees in urban areas. The human capital specification of the earnings function explains, as elsewhere, about one third of a particular measure of income inequality (the variance of log-earnings). The rate of return to schooling as a whole, and to investment in higher education in particular, has declined drastically between the early sixties and the late seventies, a fact that is attributed to the expansion of higher education enrolment and graduates. The paper concludes with a discussion of the apparent puzzle of a strong social demand for higher education combined with a low private rate of return to this level of schooling.

Date: 1982
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Persistent link: https://EconPapers.repec.org/RePEc:eee:eecrev:v:17:y:1982:i:3:p:333-347

DOI: 10.1016/S0014-2921(82)80068-8

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