Private versus social returns to human capital: Education and economic growth in India |
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| Institution: | 1. TBS Business School, Department of Economics and Finance, 1 Place A. Jourdain, Toulouse 31068, France;2. Toulouse School of Economics, University of Toulouse Capitole, 21 Allée de Brienne, Toulouse 31015, France;1. Department of Economics, St. Joseph''s College (Autonomous), Bangalore;2. National Council of Applied Economic Research, New Delhi;3. Centre for Human Resource Development, Institute for Social and Economic Change, Bangalore;1. Department of Economics, Monash University, 900 Dandenong Road, Caulfield East, Victoria 3145, Australia;2. Department of Economics and the Alfred Deakin Institute for Citizenship and Globalisation, Deakin University, 221 Burwood Highway, Burwood, Victoria 3125, Australia\n |
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| Abstract: | This paper investigates whether differences between private and social returns to education of government sector employees can contribute to an explanation of the “micro–macro paradox” in the literature on education and growth. We hypothesize that in India educated people find privately rewarding jobs in a sector in which social returns are low, namely the government sector. This could help explain high returns to education at the micro level and small or negative coefficients on education growth in growth regressions at the macro level. The empirical results, which are consistent with this hypothesis, are based on an analysis of state-level data from India spanning 40 years. |
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| Keywords: | Economic growth Human capital India |
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