Returns to Investment in Education: A Further Update

Returns to investment in education based on human human capital theory.Psacharopoulos and Patrinos capital theory have been estimated since the late 1950s.review and present the latest estimates and patterns as In the 40-plus year history of estimates of returns to found in the literature at the turn of the century.investment in education, there have been several reviews However, because the availability of rate of return of the empirical results in attempts to establish patterns.estimates has grown exponentially, the authors include a Many more estimates from a wide variety of countries, new section on the need for selectivity in comparing including over time evidence, and estimates based on returns to investment in education and establishing new econometric techniques, reaffirm the importance of related patterns.This paper-a product of the Education Sector Unit, Latin America and the Caribbean Region-is part of a larger effort in the region to document the benefits of investments in education.