Globalization,welfare, and the attitudes toward higher education |
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| Institution: | 1. Universitat Autònoma de Barcelona, Departament d’Economia Aplicada, Edifici B, 08193, Bellaterra, Barcelona, Spain;2. UIC Barcelona, Inmaculada 22, 08017 Barcelona, Spain;3. IZA Bonn, Germany;1. Department of Economics, Korea University, Seongbuk-Gu, Seoul, 02841, South Korea;2. Department of Economics, University of Washington, Seattle, WA 98195-3330, United States;1. University of Rome, Sapienza, Department of Economics and Law, Via del Castro Laurenziano, 9, I-00161 Rome, Italy;2. University of Macerata, Department of Law, Piaggia dell’Università, 2, I-62100 Macerata, Italy;1. School of Finance, Nanjing Audit University, China;2. University of Liverpool, UK;3. Institute of Chinese Financial Studies, Southwestern University of Finance and Economics, China;4. Collaborative Innovation Center of Financial Security, China |
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| Abstract: | In this paper we study how the attitudes toward higher education may affect labor market outcomes in the context of globalization. In particular, we show that different educational attitudes are responsible for differences in the wage differential among countries. Using a matching model with two types of workers and firms, we find that there is a trade-off between the wage differential and the workers’ welfare, namely, that an economy that is less willing to educate itself will display a lower wage differential but will lose in terms of welfare. Moreover, from a policy perspective, we show that the negative effects on welfare due to this disinclination to study can be offset by increased labor market flexibility. All things considered, policy makers ought to keep in mind that both a positive attitude toward higher education and labor market flexibility, can lead to improved overall performance in this increasingly globalized world. |
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| Keywords: | Globalization Welfare Skills Education F66 I25 J24 J64 |
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