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How much does a single graduation cohort from further education colleges contribute to an open regional economy

Kristinn Hermannsson (), Patrizio Lecca () and John Swales ()

No 1404, Working Papers from University of Strathclyde Business School, Department of Economics

Abstract: Econometric analysis has been inconclusive in determining the contribution that increased skills have on macroeconomic performance whilst conventional growth accounting approaches to the same problem rest on restrictive assumptions. We propose an alternative micro-to-macro method which combines elements of growth accounting and numerical general equilibrium modelling. The usefulness of this approach for applied education policy analysis is demonstrated by evaluating the macroeconomic impact on the Scottish economy of a single graduation cohort from further education colleges. We find the macroeconomic impact to be significant. From a policy point of view this supports a revival of interest in the conventional teaching role of education institutions.

Keywords: Graduates; Further Education Colleges; Labour Supply; Economic Impact; General Equilibrium (search for similar items in EconPapers)
JEL-codes: E17 D58 R13 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-edu and nep-mac
Date: 2014-05
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Journal Article: How much does a single graduation cohort from further education colleges contribute to an open regional economy? (2017) Downloads
Working Paper: How much does a single graduation cohort from further education colleges contribute to an open regional economy? (2014) Downloads
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