Wednesday, May 23, 2007
Speaking of which....
...does anyone actually know what is the return to education?! There must be a million papers out there trying to find clever ways to estimate it, but I doubt anyone has even a ballpark figure in his mind about the actual return. So I'm perfectly sympathetic to Economagic's suggestion to estimate the impact of development research on actual development. I'm all for exposing the academic research racket.
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This is pretty off-base -- one of the most striking trends in all of economics is that the return to education is about exactly linear and about exactly 9% a year -- in just about every context. It's really pretty magical -- sure, some people have estimates that are slightly higher or slightly lower, but this is measured much more consistently and with much more precision than basically anything else in econ!
So then why are labor economists still studying it?!?!
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