Rates of Return to Schooling in Latin America

Martin Carnoy

Journal of Human Resources, 1967, vol. 2, issue 3, 359-374

Abstract: Estimates of the rate of return to schooling, by level, have now been made for four Latin American countries: Chile, Colombia, Mexico, and Venezuela. The article presents a summary of the author's own results for Mexico and compares these results with the rates derived for the other three economies. The comparisons show that, although patterns of rates vary, Mexico and Venezuela-which experienced rapid economic growth in the 10-year period preceding the estimates-appear to have higher rates of return to primary and university students than do Chile and Colombia. A stronger but more tentative hypothesis is that there is a positive correlation between rates of growth and rates of return to both primary and university schooling. This may imply that in rapid growth situations it is these two levels that require the largest increases in investment. The comparison also brings out two other interesting points: (1) rapid investment in education is not a sufficient condition for economic growth; and (2) the average rate of return to schooling seems to be generally higher than the rate of return to physical capital, but the two rates are positively correlated.

Date: 1967
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