-linked externalities (JLEs). JLEs emerge when wages exceed the opportunity cost of labor (labor externalities), or when there are social … gains from creating better jobs for some classes of worker, such as women or youth (social externalities). Like all … externalities, JLEs create a gap between private and social rates of return. Investments can be socially profitable (once the …

ethics at age 15, on test scores at age 16, and on subject choices and subsequent performance at age 17-18. In particular …

by the reform significantly increased their education and experienced higher labor income. Our main result is that the …. These results are not driven by the direct impact of education and are not explained by higher turnout, or greater attention …

available. In this paper, we use nationally representative cohort data linked to administrative education records to study the …