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This paper presents new evidence on the social returns to education within a macroeconomic growth regression framework …. I use improved schooling data and a macro version of the Mincer relationship between education and wages for individual … workers. The results suggest that an increase by one year of the average education level of the labor force would increase …
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Does schooling generate social returns in excess of the private returns captured by the individual who makes the human capital investment? As a strategy to detect human capital externalities I use Dutch survey data to estimate the impact of the average human capital stock in a region on...
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When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved through financial markets when enforcement is based on the...
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