The Returns to Education: A Review of the Macro-Economic Literature
نویسندگان
چکیده
Average schooling in US states is highly correlated with state wage levels, even after controll ing for the direct effect of schooling on individual wages. We use an instrumental variables strategy to determine whether this relationship is driven by social returns to education. The instruments for average schooling are derived from information on the child labor laws and compulsory attendance laws that affected men in our Census samples, while quarter of birth is used as an instrument for individual schooling. This results in precisely est imated private returns to education of about 7 percent, and small social returns, typically less than 1 percent, that are not significantly different from zero.
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