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- W3123459516 abstract "This paper estimates the effects of human capital skills created through education on life’s chances over the life cycle. Educational qualifications as a measure of these skills increase earnings, and generate private and social non-market benefits beyond earnings. Private non-market benefits include own-health, child health, spousal health, infant mortality, longevity, fertility, household efficiency, asset management, and happiness. Social benefits include democratization, civil rights, political stability, reduced crime, lower prison, health and welfare costs, and new ideas. Individual benefits enhance community-wide development. Narrow social rates of return using UK Labour Force earnings correct for institutional costs, longitudinal trends, and ability. The focus is on augmenting these toward obtaining new estimates of total returns relative to costs including non-market outcomes without overlaps. Non-market outcomes are measured by averaging regression coefficients from published studies that meet scientific standards. New UK narrow social rates of return average 12.1% for short-cycle and 13.6% for bachelor’s programs. Augmented with non-market effects on life chances, they are over twice that. Short degrees are found effective for regional development and have potential for developing countries." @default.
- W3123459516 created "2021-02-01" @default.
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- W3123459516 date "2013-03-01" @default.
- W3123459516 modified "2023-09-27" @default.
- W3123459516 title "Education's Effects on Individual Life Chances and Development: An Overview" @default.
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