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dc.contributor.author | Teuling, Coen |
dc.contributor.author | Van Rens, Thijs, 1973- |
dc.contributor.other | Universitat Pompeu Fabra. Departament d'Economia i Empresa |
dc.date.accessioned | 2017-07-26T12:07:57Z |
dc.date.available | 2017-07-26T12:07:57Z |
dc.date.issued | 2001-01-01 |
dc.identifier | https://econ-papers.upf.edu/ca/paper.php?id=942 |
dc.identifier.citation | Review of Economics and Statistics, Vol. 90 (1), pp. 89-104. February 2008 |
dc.identifier.uri | http://hdl.handle.net/10230/777 |
dc.description.abstract | Estimates of the e¤ect of education on GDP (the social return to education)have been hard to reconcile with micro evidence on the private return. We present a simple explanation that combines two ideas: imperfect substitution between worker types and endogenous skill biased technological progress. When types of workers are imperfect substitutes, the supply of human capital is negatively related to its return, and a higher education level compresses wage di¤erentials. We use cross-country panel data on income inequality to estimate the private return and GDP data to estimate the social return. The results show that the private return falls by 2 percentage points when the average education level increases by a year, which is consistent with Katz and Murphy's [1992] estimate of the elasticity of substitution between worker types. We find no evidence for dynamics in the private return, and certainly not for a reversal of the negative e¤ect as described in Acemoglu [2002]. The short run social return equals the private return. |
dc.format.mimetype | application/pdf |
dc.language.iso | eng |
dc.relation.ispartofseries | Economics and Business Working Papers Series; 942 |
dc.rights | L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/3.0/es/ |
dc.title | Education, growth and income inequality |
dc.type | info:eu-repo/semantics/workingPaper |
dc.date.modified | 2017-07-23T02:10:23Z |
dc.subject.keyword | growth |
dc.subject.keyword | inequality |
dc.subject.keyword | education |
dc.subject.keyword | private and social return to schooling |
dc.subject.keyword | compression effect |
dc.subject.keyword | Macroeconomics and International Economics |
dc.rights.accessRights | info:eu-repo/semantics/openAccess |