Higher Learning, Greater Good The Private and Social Benefits of Higher Education

ISBN-10: 0801890535

ISBN-13: 9780801890536

Edition: 2008

Authors: Walter W. McMahon

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Description:

A college education has long been acknowledged as essential for both personal success and economic growth. But the measurable value of its nonmonetary benefits have until now been poorly understood. Walter W. McMahon, a leading education economist, suggests that higher education accrues significant social and private benefits. McMahon argues that there is a major skill deficit in the United States and other OECD countries because of technical change and globalization. Yet with a college degree comes better job opportunities, higher earnings, and even improved health. Higher education also promotes democracy and sustainable growth and contributes to reduced crime and lower state welfare and prison costs. These social benefits are substantial in relation to the costs of a college education. McMahon offers a human capital perspective on this and other higher education policy issues. He suggests that poor information about the value of nonmarket benefits leads to private underinvestment. He offers policy options enabling state and federal governments to increase investment in higher education. Adequately reforming higher education policy, McMahon argues, is also critical for reducing inequality and encouraging growth, both important in the present era of globalization.
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Book details

List price: $50.00
Copyright year: 2008
Publisher: Johns Hopkins University Press
Publication date: 2/10/2009
Binding: Hardcover
Pages: 432
Size: 6.00" wide x 9.00" long x 1.25" tall
Weight: 1.584
Language: English

Preface
What Is the Problem?
Challenges Facing Higher Education Policy
Higher Education and Economic Growth: Jobs, Earnings, and the Skill Deficit
Private Non-Market Benefits of Higher Education and Market Failure
Social Benefits of Higher Education and Their Policy Implications
University Research: Social Benefits and Policy
New Higher Education Policies
New Strategies for Financing Higher Education
Appendixes
Correcting for Ability Bias in Returns to Higher Education
A Simplified Dynamic Model with Higher Education Externalities
Valuing the Effects of Higher Education on Private Non-Market Outcomes
Higher Education and Growth, U.S. and OECD Countries, 1960-2005
Valuing the External Social Benefits of Higher Education
References
Index
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