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ERIC Number: ED058476
Record Type: RIE
Publication Date: 1971-Aug
Pages: 119
Abstractor: N/A
Reference Count: 0
The Concept of Education as an Investment. Final Report.
Goffman, Irving J.; And Others
The economic benefits and investment functions of education and its relationship to other human resource investments are reported. In addition, a report on the revenue yields of various taxes related to economic conditions is included. The concept of human investment is discussed from the standpoint of its similarities with physical capital investment, dissimilarities: differences in degree, and dissimilarities: differences in kind. Conceptual problems in evaluating educational investment are related to the economist's use of benefit-cost-analysis and rate-of-return-analysis. Economic and social benefits accruing from education are seen as external benefits. Empirical evidence on rates of return is presented in discussions of internal rate of return, discrimination and rate of return analysis, and the return to increased quality. The question of how education influences the size of a nation's output is discussed as to factors in economic growth, the quantity and quality of productive resources, and the mystery of the econometric residual. Revenue limitations related to economic growth, with particular emphasis on educational programs, are examined as to revenue availability, increasing revenue from available sources, some problems of competing resource demands, and taxpayer revolt. (For related document, see ED 058 473.) (DB)
Publication Type: N/A
Education Level: N/A
Audience: N/A
Language: N/A
Sponsor: President's Commission on School Finance, Washington, DC.
Authoring Institution: N/A