Human capital and returns to education

Geraint Johnes, Jill Johnes and Laura López-Torres

Chapter 1 in Handbook of Contemporary Education Economics, 2017, pp 1-20 from Edward Elgar Publishing

Abstract: The evaluation of the returns to investments in human capital has been at the core of the economics of education since the seminal work of Theodore Schultz published in 1961. The most significant methodological advances have come in parallel with more general developments in applied microeconometrics, such as the particular interest in issues of causality and unobserved heterogeneity. The new empirical findings document a widespread decline in rates of return to education over time. In this chapter we review some developments and present new international comparative results on the heterogeneity of returns to education. Apart from reviewing endogeneity and heterogeneity issues, we also pay attention to the main findings on return to early years education and returns to overeducation.

Keywords: Economics and Finance; Education (search for similar items in EconPapers)
Date: 2017
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