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The Economic Returns to Higher Education in the BRIC Countries and their Implications for Higher Education Expansion

Martin Carnoy (), Prashant Loyalka, Gregory Androushchak () and Anna Proudnikova
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Martin Carnoy: Professor of Education at Stanford University School of Education (USA)
Gregory Androushchak: Head of the Laboratory for Analysis and Modeling of Institutional Dynamics, the National Research University Higher School of Economics (Russia)
Anna Proudnikova: Research Fellow of the Laboratory for Analysis and Modeling of Institutional Dynamics, the National Research University Higher School of Economics (Russia)

No WP BRP 02/EDU/2012, HSE Working papers from National Research University Higher School of Economics

Abstract: This paper focuses on the changing economic value of secondary and higher education in four potential world economic powerhouses—Brazil, Russia, India, and China—known as the BRIC countries. We show that in the past twenty-five years in the BRIC countries, changes in rates of return to higher education have not conformed to the diminishing returns to capital theory, which says that rates decline with level of education and that this pattern holds as countries develop economically and educationally. The rates to university completion have generally risen relative to the rates to investment in lower levels of education, and in all but India are now higher than the payoff to secondary schooling. We argue that this reflects the rapid economic change in all four countries, including their incorporation into the global economy, and, in Russia and China, the transformation from command to increasingly market economies

Keywords: economic returns to higher education; returns to Engineering Education; BRIC countries; Mincer equation; age-earnings profiles. (search for similar items in EconPapers)
JEL-codes: J24 J31 (search for similar items in EconPapers)
Date: 2012
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Published in WP BRP Series: Education / EDU, January 2012, pages 1-33

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