The impact of education policy on economic development: Quantity,quality and earnings of labor |
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| Authors: | Carmel U Chiswick |
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| Institution: | Department of Economics, Box 4348, University of Illinois at Chicago, Chicago, IL 60680, U.S.A. |
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| Abstract: | Education policy is viewed as affecting the content, and hence production functions, of different types of training and skill-formation. The relationship between skill type and level of education is considered. Optimal investment requires equating rates of return on the extensive and intensive margins, making endogenous the trade-offs between quantity and quality for each skill type. Selected education production functions are discussed with respect to implications for the distribution and levels of different skills and for skill-related earnings differentials. Equality of educational opportunity increases skill levels, upgrades the occupational structure and reduces relative earnings differentials. |
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