Teulings, Coen N; van Rens, Thijs - C.E.P.R. Discussion Papers - 2003
Estimates of the effect of education on GDP (the social return to education) have been hard to reconcile with micro … human capital is negatively related to its return, and a higher education level compresses wage differentials. We use cross … that the private return falls by 1.5 percentage points when the average education level increases by a year, which is …