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Nordic Economic Policy Review

Economics of Education

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The Nordic Economic Policy Review is published by the Nordic Council of Ministers and addresses policy issues in a way that is useful for in-formed non-specialists as well as for professional economists. All articles are commissioned from leading professional economists and are subject to peer review prior to publication. The review appears twice a year. The journal is distributed free of charge to the members of the Nordic economic associations. The easiest way to subscribe to the NEPR is therefore to become a member of one of these associations, i.e.: Denmark: Nationaløkonomisk Forening Finland: Taloustieteellinen Yhdistys Norway: Samfunnsøkonomene Sweden: Nationalekonomiska Föreningen. For institutional subscriptions, please contact [email protected] Content: Economics of education: Policies and effects - Anders Björklund and Peter Fredriksson Long-term effects of early childhood care and education - Christopher Ruhm and Jane Waldfogel Comment by Tarjei Havnes Recruiting, retaining, and creating quality teachers - C. Kirabo Jackson Comment by Torberg Falch On the margin of success? Effects of expanding higher education for marginal students - Björn Öckert Comment by Torbjørn Hægeland Gender differences in education - Tuomas Pekkarinen Comment by Anna Sjögren Educating children of immigrants: Closing the gap in Norwegian schools - Bernt Bratsberg, Oddbjørn Raaum and Knut Røed Comment by Lena Nekby The effects of education on health and mortality - Bhashkar Mazumder Comment by Kjell G. Salvanes

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Economics of education: Policies and effects

Education is important. It influences the growth prospects of a country (see Krueger and Lindahl, 2001) and causes differences in individual labor market success. The individual wage return to a year of schooling varies somewhat over countries and time periods but is typically estimated to be between 4 and 10 percent. Analogously, the effect of education and growth varies somewhat over studies but Krueger and Lindahl (2001) argue that it is of the same order of magnitude as the individual wage return. Moreover, some researchers argue that these wage returns underestimate the full return to schooling, since more educated individuals (it is argued) have more enjoyable lives along a variety of dimensions (see Oreopoulos and Salvanes, 2011). Thus, education has effects on efficiency as well as equity. Therefore, it is natural that school performance attracts a great deal of attention in the public discussion.

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