International higher education in many developed countries and more particularly in the United States and Australia has become a great source of revenue for their economies from students of the developing and underdeveloped countries (Least Development Countries). Money together with the mobility of international students from Least Development…

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…

This article examines the long-run effect of higher education, measured in average years of tertiary schooling, on the level and growth rate of national per capita income. It uses an improved dataset on educational attainments which not only reduces measurement error but also overcomes data comparability issues and allows us to estimate the…

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…

While higher education is regarded a high priority for economic development in many countries, public budgets often fall short to support desired levels of expansion in higher education. This leads to cost-sharing: students and their families are required to contribute more to the costs of higher education. This paper explores worldwide trends to…

One result of accelerating globalization is the competition for human capital. On one hand, nations are investing more and more in their educational systems to create their own human resources; on the other hand, these nations are struggling to effectively and efficiently utilize their existing human capital. Additionally, there is a massive wave…