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GRADUATE EDUCATION AND PRIVATE RATES OF RETURN: A REVIEW OF THEORY AND EMPIRICISM
Author(s) -
CAMPBELL J. M.,
CURTIS THOMAS D.
Publication year - 1975
Publication title -
economic inquiry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.823
H-Index - 72
eISSN - 1465-7295
pISSN - 0095-2583
DOI - 10.1111/j.1465-7295.1975.tb01106.x
Subject(s) - rate of return , interpretation (philosophy) , graduate education , economics , graduate students , empiricism , distribution (mathematics) , econometrics , actuarial science , positive economics , sociology , computer science , finance , pedagogy , mathematics , epistemology , mathematical analysis , philosophy , programming language
In this paper twelve recent studies regarding private rates of return for graduate education are reviewed and evaluated. Possible sources of error due to data base, methodology and interpretation of results are examined and compared. After this has been done, the authors calculate returns to graduate education with spatial distribution problems and job security incorporated in the model. The article concludes that the typical rate of return method has been pushed about as far as it can go and now is the time for the economic profession to develop more meaningful techniques which will allow us to come to grips with the policy issues regarding the level of support for education.