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About this product
- DescriptionThis book develops a new approach to measuring the total returns to human resource development through investment in education. Drawing on microanalytic foundations, it uses regional and worldwide data to estimate the net marginal contributions of education and new kwledge both to ecomic growth and to wider effects on democratization, human rights, political stability, health, longevity, net population growth rates, reduction of poverty, inequality in income distribution, crime, drug use, and the environment. Externalities including indirect and delayed effects are identified and measured for these market and n-market returns. The total impacts of education policy changes on endogeus development are then estimated for several East Asian, Latin American, African, and industrialized nations using an interactive model. This new approach is important to industrialized and developing countries alike. The diffusion of kwledge and the adaptation of new techniques has been identified as crucial to the growth process in the new endogeus growth models, and is of increasing strategic importance in current kwledge-based globalizing ecomies. Similarly, the n-monetary returns from education are important in improving human welfare. Measurement of these n-market returns is a crucial but much neglected subject. It has proved frustrating, and existing microanalytic measures have proved piecemeal. The new approach developed here offers some comprehensive estimates and simulation techniques for finding more cost-effective policies, and also suggests new hypotheses for further microanalytic testing.
- Author BiographyWalter W. McMahon is Professor of Economics, and Professor of Education Emeritus, University of Illinois at Urbana-Champaign. He has published widely in journals on the economics of education, growth, and related topics and has worked in many developing countries including writing major project designs and conducting education sector assessments for the governments of Nepal, Indonesia, Pakistan, Malawi, South Korea, and Kuwait.
- Author(s)Walter W. McMahon
- PublisherOxford University Press
- Date of Publication17/01/2002
- SubjectEconomics: Professional & General
- Place of PublicationOxford
- Country of PublicationUnited Kingdom
- ImprintOxford University Press
- Content Notenumerous figures
- Weight455 g
- Width156 mm
- Height234 mm
- Spine18 mm
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