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ERIC Number: EJ995423
Record Type: Journal
Publication Date: 2013
Pages: 29
Abstractor: As Provided
Reference Count: 73
ISBN: N/A
ISSN: ISSN-0007-1005
Education's Effects on Individual Life Chances and on Development: An Overview
McMahon, Walter W.; Oketch, Moses
British Journal of Educational Studies, v61 n1 p79-107 2013
This paper estimates the effects of human capital skills largely created through education on life's chances over the life cycle. Qualifications as a measure of these skills affect earnings, and schooling affects private and social non-market benefits beyond earnings. Private non-market benefits include better own-health, child health, spousal health, infant mortality, longevity, fertility, household efficiency, asset management and happiness. Social benefits include increased democratisation, civil rights, political stability, reduced crime, lower prison, health and welfare costs, and new ideas. Individual benefits enhance community-wide development. New "narrow" social rates of return using UK Labour Force earnings correct for institutional costs, longitudinal trends and ability. The paper's objective, however, is to estimate these earnings plus non-market outcomes comprehensively without overlaps and also relative to costs. Non-market outcomes are measured by averaging regression coefficients from published studies that meet scientific standards. New UK "narrow" social rates of return average 12.1 per cent for short-cycle and 13.6 per cent for bachelor's programmes. Augmented with non-market effects on life chances, they are over twice that. Short degrees are found effective for regional development and have potential for developing countries. (Contains 2 figures, 3 tables, and 9 notes.)
Routledge. Available from: Taylor & Francis, Ltd. 325 Chestnut Street Suite 800, Philadelphia, PA 19106. Tel: 800-354-1420; Fax: 215-625-2940; Web site: http://www.tandf.co.uk/journals
Publication Type: Journal Articles; Reports - Research
Education Level: Higher Education; Postsecondary Education; Secondary Education; Two Year Colleges
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: United Kingdom