The rate of return of social investment on post-secondary initial vocational education and training in Greece

Abstract

According to the human capital theory education and training produce, accumulate and diffuse human capital. They are a type of consumption but they are mainly considered as investments. In Greece, the Post Secondary Initial Vocational Education and Training is a subsystem of the Life Long Learning. The present study provides ex post estimates of the rates of return on the social investment to Post-Secondary Initial Vocational Education and Training by using a cost-benefit approach. Stratified sampling has been employed with a proportional distribution throughout the country in order to derive a sample on the private sector's earnings data. Data on social costs have also been used in this study. The empirical results showed that, in general, the rate of return on the social investment to Post-Secondary Initial Vocational Education and Training has been satisfactory. Moreover, sensitivity analysis showed that the rate of return increases slightly, when the duration of studies and the social cost of Post-Secondary Initial Vocational Education and Training system are decreased.

Determining the economic literacy of introductory economic students in South Africa

“…In the USA, the National Council of Economic Education (NCEE) has developed the test of understanding college economics (TUCE) to test the economic literacy levels of students enrolled for introductory economics courses. By testing the economic literacy levels of introductory economic students, quality of education is ensured therefore applying the human capital theory to educate and train individuals (Chanis et al, 2013). Introductory economics is lectured at most universities and aims to equip students with basic insight into the functioning of the economy.…”

Οι Ανισότητες Στην Αγορά Εργασίας Στο Πλαίσιο Οικονομικής Και Κοινωνικής Ανάπτυξης

“…Πλήθος μελετών έχει πραγματοποιηθεί (τόσο συνολικά, όσο και σε μεμονωμένες πληθυσμιακές ομάδες) χρησιμοποιώντας ως υπόδειγμα αναφοράς την Μινσεριανή Εξίσωση Αποδοχών (Psacharopoulos, 1981;Tsamadias, 2002;Psacharopoulos & Patrinos, 2004;Constant, Kahanec & Zimmermann, 2006;Polachek, 2007;Chanis & Tsamadias, 2013;Montenegro & Patrinos, 2014;Hartog & Gerritsen, 2016). Ενδεικτικά αναφέρουμε ότι η συγκεκριμένη εξίσωση χρησιμοποιείται για την εκτίμηση των αποδόσεων της ποιότητας της εκπαίδευσης 10 , για τη μέτρηση της επίδρασης της εργασιακής εμπειρίας και τις μισθολογικές διαφορές μεταξύ των φύλων 11 .…”

“…Παράλληλα είναι ικανή να αιτιολογεί τις διαφορές επί των αμοιβών, εισοδημάτων ή κερδών (Heckman et al, 2006;Quintini, 2014), αποδίδοντας την επικρατούσα κατάσταση στην αγορά εργασίας. (Altonji & Pierret, 2001;Tsamadias, 2002;Lemieux, 2003;Constant, Kahanec & Zimmermann, 2006;Heckman et al, 2006;Pinkston, 2009;Suh, 2010;Keane, Todd & Wolpin, 2011;Chanis & Tsamadias, 2013;Braga, 2013;Hartog & Gerritsen, 2016;Kuepié & Nordman, 2016;Starr, Ganco & Campell, 2016).…”