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What's the Good of Education? : The Economics of Education in the UK - Stephen Machin

What's the Good of Education?

The Economics of Education in the UK

Paperback Published: 8th May 2005
ISBN: 9780691117348
Number Of Pages: 272

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Volumes have been written about the value of more and better education. But is there sufficient evidence to support the commonly held belief that we, as individuals and as a community, should be investing more in education?

This book explores that question in unprecedented detail, drawing on empirical evidence from an impressive array of sources. While much of the focus is on the educational system in the United Kingdom, the book offers lessons of international applicability. A state-of-the-art compendium on education policy and its impact on educational attainment, the book examines numerous large-scale data sources on individual pupils and schools.

The questions the book considers are far-ranging: How much do teachers matter for children's educational attainment? What payoff do people get from acquiring more education when they enter the labor market? How well do education systems function to provide employers with the skills they want?

The book concludes by issuing some strong policy recommendations and offering an evaluation of what does and does not work in improving educational attainment. The recommendations address such issues as school effectiveness, education financing, individual investment in education, government education initiatives, higher education, labor market rewards, and lifelong learning.

"This is a must-read for anyone interested in the economic analysis of the United Kingdom's education system. It provides a comprehensive summary of key policy issues and clarifies what the data tell us about these issues. Well-written, with helpful cross-references, the book will appeal to readers inside and outside of the UK." - Julian Betts, University of California, San Diego "The authors have taken on a formidable assignment, appealing not only to people who are familiar with the topic, but also to those who ought to know more about economics, but are not easily enticed into it." - Ted Wragg, University of Exeter"

Prefacep. ix
List of Contributorsp. xiii
Brief Glossaryp. xv
Introductionp. 1
Overviewp. 3
Introductionp. 4
Who Gets More Education?p. 5
Economic Outcomes and Educationp. 9
What Can Policy Do?p. 12
The United Kingdom Education System in a Comparative Contextp. 13
Introductionp. 13
Main Features of the UK Education Systemp. 13
How Well Is the System Doing?p. 23
The UK Education System and the Labour Market in an International Contextp. 29
Conclusionsp. 34
Who Gets More Education?p. 37
School and Teacher Effectiveness by A. Chevalier, P. Dolton and R. Levacicp. 39
Introductionp. 39
Features of the UK Schooling Systemp. 39
Incentives and Quasi-Marketsp. 41
School and Teacher Effectivenessp. 45
The Impact of Resourcesp. 49
Selection and Peer Effectsp. 53
Conclusionsp. 55
The Labour Market for Teachersp. 57
Introductionp. 57
Patterns of Change in the Teacher Labour Marketp. 58
Teacher Payp. 62
Who Becomes a Teacher?p. 63
Feminization of Teacher Supplyp. 65
Incentives and Teacher Rewardsp. 66
Variations across Space and Subjectp. 67
Non-Pecuniary Conditionsp. 68
Conclusionsp. 69
Post-Compulsory Education and Qualification Attainmentp. 71
Introductionp. 71
Changing Patterns of Participation in Post-Compulsory Educationp. 71
Staying On after the Compulsory School Leaving Age of 16p. 74
Broader Choices at 16p. 82
Post-16 Qualifications in the UKp. 86
Higher Educationp. 90
Conclusionsp. 95
Educational Inequality and Intergenerational Mobilityp. 99
Introductionp. 99
Patterns of Change in Income, Education and Education Policyp. 100
Measurement and Datap. 103
Evidence on Changes in Intergenerational Mobility and Educational Inequalityp. 106
Conclusionsp. 113
Economic Outcomes And Educationp. 115
Measuring the Returns to Educationp. 117
Introductionp. 117
Policy Relevance of the Returns to Educationp. 118
Methodological Issuesp. 124
Estimation Methods and Resultsp. 127
Limitationsp. 138
Conclusions and Policy Discussionp. 142
Appendix: Comparing Private Rates of Return and Real Return on Debt and Equityp. 143
Employers' Selection Decisions: the Role of Qualifications and Testsp. 147
Introductionp. 147
Why Might Employers Use Qualifications for Selection Purposes?p. 149
Qualifications in the Labour Marketp. 150
What Do Employers Think Qualifications Signal?p. 154
Changes Over Timep. 159
A Heterogeneous Labour Marketp. 162
Conclusionsp. 166
Evidence on the Balance of Supply and Demand for Qualified Workersp. 169
p. 169
Returns to Educationp. 169
Overeducation and Undereducationp. 172
Skills Shortagesp. 176
Does Supply Determine Demand?p. 180
The Impact of Skills Shortagesp. 184
Summary and Conclusionsp. 185
What Can Education Policy Do?p. 189
Economic Evaluation of Education Initiativesp. 191
Introduction: the Evaluation Problemp. 191
The Evaluation Problemp. 192
Methods of Evaluationp. 195
General Equilibrium and Peer Effectsp. 202
Evaluation in Practice3Ip. 203
A Summary of Resultsp. 208
Evaluation in Practice
Education Maintenance Allowancep. 210
Conclusionsp. 215
Education Policy and the Evidence by S
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780691117348
ISBN-10: 0691117349
Series: Princeton Paperbacks
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 272
Published: 8th May 2005
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 23.5 x 15.2  x 1.91
Weight (kg): 0.34