Title
Measuring social returns to higher education investments in Hong Kong : production function approach
Document Type
Journal article
Source Publication
Economics of Education Review
Publication Date
10-1-2001
Volume
20
Issue
5
First Page
503
Last Page
510
Keywords
Economic impact, Human capital, Productivity, Salary wage differentials
Abstract
This paper uses the growth model involving an aggregate production function to measure the social benefits from human capital improvements due to the investments in higher education. This is in contrast to previous studies using individual wage increment approach for the measurement. Social welfare benefits reported in this paper encompass the overall effects of labor force quality improvement on real GDP growth. Social returns from Hong Kong's investments in higher education calculated using the production function approach are significantly larger than those computed using the wage increment method. Our results also show that social returns on higher education investments in Hong Kong have declined rapidly over the last 10 years.
DOI
10.1016/S0272-7757(00)00021-2
Print ISSN
02727757
E-ISSN
18737382
Publisher Statement
Copyright © 2001 Elsevier Science Ltd
Access to external full text or publisher's version may require subscription.
Full-text Version
Publisher’s Version
Language
English
Recommended Citation
Voon, J. P. (2001). Measuring social returns to higher education investments in Hong Kong: Production function approach. Economics of Education Review, 20(5), 503-510. doi: 10.1016/S0272-7757(00)00021-2
