Higher Learning, Greater Good
The Private and Social Benefits of Higher Education
By (author) Walter W. McMahon
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Higher Learning, Greater Good by Walter W. McMahon
Book DescriptionA college education has long been acknowledged as essential for both personal success and economic growth. But the measurable value of its nonmonetary benefits has until now been poorly understood. Walter W. McMahon, a leading education economist, carefully describes these benefits and suggests that higher education accrues significant social and private benefits. McMahon's research uncovers a major skill deficit in the United States and other OECD countries owing to technical change and globalization. Yet a college degree brings 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. Offering a human capital perspective on these and other higher education policy issues, McMahon suggests that poor understanding of the value of nonmarket benefits leads to private underinvestment. He offers policy options that can enable state and federal governments to increase investment in higher education.
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Book DetailsISBN: 9780801890536
(229mm x 152mm x 32mm)
Imprint: Johns Hopkins University Press
Publisher: Johns Hopkins University Press
Publish Date: 24-Mar-2009
Country of Publication: United States
Books By Author Walter W. McMahon
Education and Development, Paperback (January 2002)» View all books by Walter W. McMahon
This text develops an approach to measuring the total returns to human resource development through investment in education. Drawing on microanalytic foundations, it uses regional and worldwide data to estimate the net marginal contributions of education and new knowledge.
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Author Biography - Walter W. McMahon
Walter W. McMahon is Professor of Economics Emeritus and Professor of Education Emeritus at the University of Illinois at Urbana-Champaign. He is well known internationally as a leading economist of education and is the author of Education and Development: Measuring the Social Benefits.
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