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Human Capital Theory and Education Policy in Australia

Quiggin, John (1999-04-01) Human Capital Theory and Education Policy in Australia.

Document type: Preprint
Collection: School of Economics Publications  
 
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Title Human Capital Theory and Education Policy in Australia
Abstract/Summary The human capital model is the basis of neoclassical analysis of labour markets, education and economic growth. However, education policy in Australia has been influenced by models based on screening theory and public choice theory which yield the policy implication that reductions in education spending are generally desirable. In this paper, the competing models, and the evidence supporting them, are surveyed. It is concluded that the human capital model is strongly supported by the available evidence. The predictions of screening models are generally not supported by empirical tests, except where they coincide with those of the human capital model. The main evidence supporting the public choice model, derived from the literature on educational production functions is shown to be deficient. The principal policy conclusion of the paper is that the negative effects of recent cuts in education spending will outweigh any benefits achieved through reductions in public debt.
Keyword(s) Education spending
Human capital
Screening theory
Public choice theory
Education cuts
Date 1999-04-01
Subjects 340209 Public Sector Economics
Author(s) Quiggin, John
Additional Notes Later published as Quiggin, J. (1999), 'Human capital theory and education policy in Australia', Australian Economic Review 32(2), 130-44.
 
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Created: Fri, 06 Feb 2004, 10:00:00 EST by Belinda Weaver (EA) . Detailed History