Human Capital in a Global and Knowledge-Based Economy

Supported by: European Commission, Directorate of Employment & Social Affairs
From: 2002-01-01 To: 2003-12-01
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Leading Researcher

Ciccone, Antonio   

IBC Network members

Felis-Rota, Marta

Abstract

This report is an extension and partial update of de la Fuente and Ciccone (2002). It constructs estimates of the private and social rates of return on schooling for fourteen EU countries using microeconometric estimates of Mincerian wage equations, the results of cross-country growth regressions and OECD data on educational expenditures, tax rates and social benefits. The results are used to draw some tentative conclusions regarding the optimality of observed investment patterns and educational subsidy levels.