Volume 8, Number 1 (Winter) 1973
Ziderman, Adrian. 1973. "Rates of Return on Investment in Education: Recent Results for Britain." Journal of Human Resources 8(1):85-97.
The paper utilizes the results of an earnings follow-up sample survey to the 1966 Census to calculate for the first time private and social rates of return to education in Britain, based on a national representative sample of educated males. The results are subjected to a number of sensitivity tests on the assumptions made. The generally high private rates of return suggest a considerable degree of private underinvestment in education. Excluding externality effects, the social rates of return estimates seems to indicate a relative overexpansion in the graduate part of the university sector and social underinvestment in part-time, higher level technician training.
The author is Senior Lecturer in Economics, Queen Mary College, University of London, England. Some of the work presented in this paper was undertaken whilst the author was part-time economic consultant at the U.K. Department of Education and Science. However, any judgments expressed and the methodology adopted in the paper remain the responsibility of the author alone; they must not be taken as necessarily possessing the approval of the Department, of Dr. I. C. R. Byatt who initiated the project, nor of Mrs. Annamarie Higgins, R. A. Smith, or David Fysh who provided valuable help at various states of the work.
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