This book develops a new approach to measuring the total returns to human resource development through investment in education. Drawing on microanalytic foundations, it uses regional and worldwide data to estimate the net marginal contributions of education and new knowledge both to economic growth and to wider effects on democratization, human rights, political stability, health, net population growth rates, reduction of poverty, inequality in income distribution, crime, drug use, and the environment. The total impact of education policy changes on endogenous development is then estimated using an interactive model. This new approach is important to industrialized and developing countries alike. The diffusion of knowledge and the adaptation of new techniques has been identified as crucial to the growth process in the new endogenmous growth models, and is of increasing strategic importance in current knowledge-based globalizing economies. Similarly, the non-monetary returns from education are important in improving human welfare. Measurement of these non-market returns is a crucial but much neglected subject. It has proved frustrating, and existing microanalytic measures have proved piecemeal. The new approach developed here offers some comprehensive estimates and simulation techniques for finding more cost-effective policies, and also suggests new hypotheses for further microanalytic testing.
`This book is an intelligent exposition on the relationship between education and development. Given that no structural approach has yet been employed that measures systematically the indirect benefits of education on growth, the suggestion of such a quantitative approach is a valuable contribution to economics of education ... the book is an approachable and interesting analysis of the determinants of development, with a range of pertinent cross-country regressions. It will be of interest to education, labour and growth economists as well as to policymakers and development organisations.' Geeta Gandhi Kingdon, Times Higher Education Supplement, 1 June 2001 `a valuable, ambitious volume.' R.M. Whaples, CHOICE, Nov.00, Vol.38, No.3.
Number Of Pages: 320
Published: 1st March 1999
Country of Publication: GB
Dimensions (cm): 24.26 x 16.23 x 2.26
Weight (kg): 0.58