Measuring social returns to higher education investments in Hong Kong : production function approach

Research output: Journal PublicationsJournal Article (refereed)Researchpeer-review

5 Citations (Scopus)

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.
Original languageEnglish
Pages (from-to)503-510
Number of pages8
JournalEconomics of Education Review
Volume20
Issue number5
DOIs
Publication statusPublished - 1 Oct 2001

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investment in education
production function
wage
Hong Kong
social benefits
labor force
social welfare
human capital
education
Production function
Social returns
Wages

Keywords

  • Economic impact
  • Human capital
  • Productivity
  • Salary wage differentials

Cite this

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title = "Measuring social returns to higher education investments in Hong Kong : production function approach",
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.",
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Measuring social returns to higher education investments in Hong Kong : production function approach. / VOON, Jan Piaw, Thomas.

In: Economics of Education Review, Vol. 20, No. 5, 01.10.2001, p. 503-510.

Research output: Journal PublicationsJournal Article (refereed)Researchpeer-review

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N2 - 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.

AB - 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.

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