This article revisits the Mincer earnings function and presents comparable estimates of the average monetary returns associated with an additional year of education across different regions worldwide. In contrast to the traditional Ordinary Least Squares (OLS) method commonly employed in the literature, this study applied a cutting-edge approach…

Education is recognized to be a key factor of economic development, not only giving access to technological progress as emphasized by the Schumpeterian growth theory, but also entailing numerous social externalities such as the demographic transition (Murtin, 2009) or democratization (Murtin and Wacziarg, 2010). If the evolution of world…