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Teulings, C. N. and Van Rens, Thijs (2008) Education, growth, and income inequality. Review of Economics and Statistics, Volume 90 (Number 1). pp. 89-104. doi:10.1162/rest.90.1.89
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Official URL: http://dx.doi.org/10.1162/rest.90.1.89
Abstract
Estimates of the effect of education on GDP (the social return) have been hard to reconcile with micro evidence on the private return to schooling. We present a simple explanation combining two ideas: imperfect substitution and endogenous skill-biased technological progress and use cross-country panel data on inequality and GDP to test these ideas. A one-year increase in the level of education reduces the private return by 2 percentage points, consistent with Katz-Murphy's (1992) elasticity of substitution. We find no evidence for reversal of this initial effect as in Acemoglu (2002). In the short run, the social return equals the private return.
| Item Type: | Journal Article | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HB Economic Theory | ||||||||
| Divisions: | Faculty of Social Sciences > Economics | ||||||||
| Library of Congress Subject Headings (LCSH): | Economic development -- Effect of education on, Equality | ||||||||
| Journal or Publication Title: | Review of Economics and Statistics | ||||||||
| Publisher: | MIT Press | ||||||||
| ISSN: | 0034-6535 | ||||||||
| Official Date: | 1 February 2008 | ||||||||
| Dates: |
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| Date of first compliant deposit: | 23 December 2015 | ||||||||
| Volume: | Volume 90 | ||||||||
| Number: | Number 1 | ||||||||
| Page Range: | pp. 89-104 | ||||||||
| DOI: | 10.1162/rest.90.1.89 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Restricted or Subscription Access |
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