for individual characteristics, local average human capital is positively correlated with individual wages, with estimated … social returns between 2 and 3 percent. This result is robust to alternative estimation methods and does not seem to depend …

) interstate differences in wages are not consistent with a simple school quality-wage relation; we cannot assume a simple national … school quality evaluation appears insufficient to resolve the ambiguous link between school quality and wages. In addition … finally, (7) it is unclear whether the positive correlations between wages and either school expenditures or teachers' wages …

workers with lower skills, or working in sectors with lower average wages benefit most from externalities. The results are … robust to a series of checks, using a number of individual and regional controls, as well as instrumental variable estimation. …