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ERIC Number: EJ965922
Record Type: Journal
Publication Date: 2012-Aug
Pages: 19
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-0272-7757
The Role of Educational Quality and Quantity in the Process of Economic Development
Castello-Climent, Amparo; Hidalgo-Cabrillana, Ana
Economics of Education Review, v31 n4 p391-409 Aug 2012
We develop a theory of human capital investment to study the effects of school quality on student choices of education, and to understand its effect on economic growth. In a dynamic general equilibrium closed economy, primary education is mandatory but there is an opportunity to continue to secondary education and beyond. High-quality education increases the returns to schooling, and hence the incentives to accumulate human capital. This is caused by two different channels: higher quality makes education accessible to more people (extensive margin), and once individuals decide to participate in higher education, higher-quality increases the investment made per individual (intensive margin). Furthermore, educational quality determines human capital composition and growth. Cross-country data evidence shows that the proposed channels are quantitatively important and that the effect of the quality and quantity of education on growth depends on the stage of development. (Contains 4 tables and 3 figures.)
Elsevier. 6277 Sea Harbor Drive, Orlando, FL 32887-4800. Tel: 877-839-7126; Tel: 407-345-4020; Fax: 407-363-1354; e-mail: usjcs@elsevier.com; Web site: http://www.elsevier.com
Publication Type: Journal Articles; Reports - Evaluative
Education Level: Elementary Secondary Education; Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A