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ERIC Number: ED142807
Record Type: RIE
Publication Date: 1977-Jan
Pages: 46
Abstractor: N/A
Reference Count: 0
ISBN: N/A
ISSN: N/A
On Estimating the Economic Value of Schooling and Experience: Some Issues in Conceptualization and Measurement. Report No. 221.
Griffin, Larry J.
Survey data for a sample of young adult men who, in 1955, particpated in an Education Testing Service national survey of students and who also responded to a 1970 followup provide the basis for demonstrating the utility of incorporating into socioeconomic achievement models indicators of work experience which correspond to the life-cycle events of schooling, initial full-time entry into the labor market, and assumption of current job, and point out the substantive implications of employing various operations and conceptualizations of the experience variable. The findings suggested that two types of postschooling market experience substantially enhance earnings (work experience and firm experience). Experience acquired during the formal schooling process, however, is of little economic value, as noted by a hypothesis underlying both a segment of a formulation of human capital theory (by J. Mincer) and the conventional techniques employed to estimate postschooling work experience from other variables (e.g., age and schooling). Extreme care should be taken in the conceptualization and measurement of work experience and its specification in earnings models. Conceptual and measurement strategies deemed theoretically incorrect yield estimates of the earnings returns to experience and schooling which are seriously biased. (Author/TA)
Publication Type: Reports - Research
Education Level: N/A
Audience: N/A
Language: N/A
Sponsor: National Inst. of Education (DHEW), Washington, DC.
Authoring Institution: Johns Hopkins Univ., Baltimore, MD. Center for the Study of Social Organization of Schools.