ERIC Number: ED053028
Record Type: Non-Journal
Publication Date: 1968-Sep
Reference Count: N/A
Returns to Education in Bogota, Colombia.
Schultz, T. P.
This memorandum derives estimates of the private rate of return to schooling for men and women based on a 1965 labor force survey, past cross-sectional data, and the long-term educational public policy of Bogota, Colombia. Here resources may be viewed as an investment in the future productive capacity of people. Depending on the costs and benefits associated with a particular educational activity and alternative investment opportunities, this activity may or may not be an attractive investment for efficiently promoting economic development. This association between schooling level and earnings, or the private rate of return, along with a partial social rate are estimated for elementary, secondary, vocational, and higher education. The empirical findings state that the private and social returns on both men's and women's secondary and vocational education, and to some extent, men's primary schooling, are high in Bogota. But the returns on university education are unusually low. It is concluded, therefore, that a high economic priority should be given to the expansion of secondary and vocational education with particular emphases given to achieving a more equal distribution of educational opportunities between urban and rural, rich and poor regions of the country. Continued expansion of public support for higher education without rapid growth in domestic demand for high level talent is not likely to be remunerative, and may only accelerate emigration of universty graduates abroad. (Author/AWW)
Descriptors: Comparative Education, Cost Effectiveness, Developing Nations, Economic Development, Economic Factors, Educational Benefits, Educational Development, Educational Economics, Educational Policy, Elementary Education, Financial Policy, Financial Support, Higher Education, Occupational Surveys, Public Policy, Public Support, Secondary Education, Vocational Education
Publication Type: N/A
Education Level: N/A
Sponsor: Agency for International Development (Dept. of State), Washington, DC.
Authoring Institution: Rand Corp., Santa Monica, CA.
Identifiers - Location: Colombia; Colombia (Bogota)