Estimates of the effect of education on GDP (the social return) have been hard to reconcile with micro evidence on the … of education reduces the private return by 2 percentage points, consistent with Katz-Murphy's (1992) elasticity of …

Journal of Economics"</A>, 112(3), 618-39.<P>The perpetual inventory method used for the construction of education data per …. There is a systematic difference in the education level between census data and observations constructed from enrolment data …