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American Educational Research Association

Mapping the Economics of Education. An Introductory Essay

Author(s): Henry M. Levin
Source: Educational Researcher, Vol. 18, No. 4 (May, 1989), pp. 13-16+73
Published by: American Educational Research Association
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 Mapping the Economics of Education
An Introductory
Essay
HENRYM. LEVIN

conomicsaddressesa centralsocialdilemma,how to provide careful economic analysis of how the reforms are
allocatea scarcityof resources to a multiplicityof com- related to economic productivity and competitiveness, nor
peting ends. Whatever the available resources of a do they draw upon the extensive research base connecting
society, there are always greater demands on those educational investments to economic productivity (Becker,
resources than can be satisfied. Education competes for 1964; Dean, 1984; Welch, 1970).
resources with such other social priorities as health, The extensive quest for ways to improve schools' effec-
transportation, defense, criminal justice, and private con- tiveness is a second example of educational research in
sumption. Economic analysis attempts to determine how which economic analysis is crucial-but often missing. It is
to allocate resources to different economic and social ac- generally acknowledged among researchers and policy
tivities to maximize social well-being. Using various makers that school resources can be used more effectively
economic criteriaand analytic tools, it is possible to suggest to raise student achievement and other educational out-
the optimal size of the educational sector as well as the comes. A vast educational research enterprise has arisen to
means for financing it. study teacher and school effectiveness and to compare
But, afterresources are committedto education, questions potential interventions. But, without information on the
remain about how they can most productively be used. costs of alternatives, it is not possible to estimate if these
Some allocations of resources within education are likely interventions will use resources more efficiently or less ef-
to produce greater results in terms of sfudent achievement ficiently. Merely knowing that one potentially has a larger
and other educationaloutcomes than their alternatives.Dif- effect size than some alternative is not equivalent to hav-
ferent types of education, such as vocational versus aca- ing information on efficient resource use or a comparison
demic schooling, or different academic majors, have dif- of costs. We need to know both effects of alternativesto im-
ferent impacts on both the costs of education and educa- prove educational efficiency and their costs (Levin, 1983).
tional results. And, different approaches to the provision This is a problem at the heart of the economics of education.
of education and to determining where resources are used School choice is a third example of a policy and research
can also affectthe productivityof resourceuse. Economically area that has economics content. Recent proposals for tui-
efficient use of resources within the educational sector re- tion tax credits, educational vouchers, and school choice
quires that they be allocated to maximize educational out- have an indispensable, but neglected basis, in concepts that
comes. Even small losses in efficiency can waste billions of economists have studied for decades. In the private sector,
dollars in an educationalsector that is spending almost $300 economics is devoted to examining markets and market
billion a year, not to mention the waste of student time and choice. These mechanismsunderlieclaims about the benefits
the other human costs. of educationalvouchers and tuition tax credits. In the public
Of all the disciplines that are represented in the educa- sector, economics is devoted to issues of public choice
tional research community, economics may be the least among alternatives(Hirschman, 1970), the mechanism that
familiar to educational researchers generally. Few educa- also underlies school choice approaches. But much of the
tional researchers have been exposed to the tools of eco- research on the various aspects of school choice is com-
nomic analysis in their own training, and economists rarely pletely devoid of economic analysis.
prepare their research reports or articles for a nontechnical If there is a major role for economics in educational re-
audience. The result is that economic research on educa- search, why has it not been more prominent? There are
tion is often viewed as exotic, arcane, and outside of the several answers. Relativelyfew economists are found on the
mainstream of what is normally viewed as educational faculties of schools of education relative to the numbers of
research. psychologists, sociologists, anthropologists, and ethno-
Of course, to economists, the economic analysis of educa- graphers, and other representatives of the disciplines. A
tion is a central necessity for good educational decision- high proportion of the economists with interests in educa-
making. Much educational research and policy is premised tion work in economics departments and so are isolated
on assumptions about effectiveness or efficiencyin resource from other educational researchers.Moreover, much of the
use, but does not draw specificallyupon economic analysis. literature on economics of education research is spread
That is, the economic problem is central, but the economic across economics journals, with only a very small propor-
analysis is missing. It is a case of economics of education
without economics. For example, virtually all of the recent
calls for national educational reform predicate their argu-
ments on the urgent need for the U.S. to be economically HENRY M. LEVIN is in the Schoolof Educationand Department
competitive with other nations. Yet, these reports neither of at
Economics Stanford University,Stanford,California94305.

- MAY 1989 13

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tion appearingin journalsthat educationalresearchersread. was one of the principalintellectual sources for the War on
Finally, most noneconomists are unfamiliarwith economic Poverty, as reflected in the 1960PresidentialAddress to the
theory, methods, and terminology, and economists are not American Economic Association by T.W. Schultz (1961),
well known for attempts to translate their discussions into who was later to receive the Nobel Prize in Economics for
a widely understood language. his contributions.It was also embodied in the 1964 Economic
Reportof the President,which stated, without qualification:
Mapping the Terrain "If children of poor families can be given skills and motiva-
Because of the educational researchcommunity's relative tion, they will not become poor adults."
lack of familiarity with the economics of education, it is Despite the centralityof human capital theory, it has not
useful to survey the terrain of the field. References to been without its critics, many of them responding to the
establishing an economic value for human beings on the ostensible failure of the education and training programs
basis of their perceived productivityhas a ratherlong history of the War on Poverty to show the predicted effects on
in economics, going back several centuries(Kiker,1966).But reducing poverty (Levin, 1977).Indeed, the liveliness of the
it was not until about 30 years ago that this line of thinking economics of education has been enhanced by both the
began systematicallyto be formulatedin a theory of human work done within that human capitalparadigm and by the
capital. The theory of human capitalrepresented a new and challenges to that paradigm. Thurow (1975), Spence (1973),
powerful frameworkfor understanding the rationalefor in- Arrow (1973),Bowles and Gintis (1976),Carnoy(1980),and
vestment in education and training,as well as for evaluating Gordon, Edwards, and Reich (1982) have all raised pro-
the profitabilityof that investment (Becker, 1964; Mincer, vocative questions about human capitalassumptionsregard-
1962; Schultz, 1961). ing how labor markets function as well as about implica-
The theory was predicated on awareness that a society tions for interpreting social rates of return on educational
can increaseits nationaloutput or an individualcan increase investment. Blaug (1976) has questioned the explanatory
his or her income by investing in eitherphysicalcapital(e.g., power of human capital theory. Reich (1981) and Strober
a plant and equipment, to increase productivity) or in (1988)have questioned the extent to which a strict applica-
human capital (e.g., education and health, which also in- tion of the human capitalapproachcan be applied to blacks'
crease human productivity). Each type of investment has and women's education and earnings. These challenges
an economic cost in the resources expended, and each has have provided grounds for debate and new interpretations
an economic return in the higher output and income pro- of the connection between education, on the one hand, and
duced. Formal rules of investments could be used by in- earnings and productivity, on the other.
dividuals and society to choose between investments in Although human capital represents the dominant single
physical or human capital as well as among different types perspective used in the economics of education literature,
of investments in each. At one fell swoop, the human capital other areas of economics have made substantial contribu-
theory enabled the establishmentof a field in the economics tions to the field. For example, a major issue facing the
of education that could explain: (a) the relation between a schools is that of obtaining adequate numbers of appro-
society's educationalinvestments and its economic growth; priatelytrainedteachers.At the centerof western economics
(b) the relation between an individual's educational invest- is the market, and labor markets are a particularspecialty
ment and the economic returns to that investment; (c) the in economics. When labor market analysis is applied to
relationsbetween the distributionof educationalinvestment teacher markets, some very useful research findings have
within the population and the distribution of earnings; (d) emerged on the relations between teacher salaries and
the demand for education as a response to its profitability teacher supply (Murnane& Olsen, 1988;Rumberger,1987),
as an investment; and (e) the overall investment in on-the- on the impactsof teachers'collectivebargaining(Chambers,
job training as well as the division of the financial burden 1979), and on labor markets for academics (Breneman &
between the worker and the firm (Becker, 1964). Youn, 1988).Although there has been inadequateeconomic
Moreover, these theoreticalexplanationscould be submit- analysis behind the national debate on educational vouch-
ted to empirical tests, spurring a new literatureof studies ers, tuition tax credits, and school choice, the economists
of rates of return to education for different populations and have not been silent (Blaug, 1967; Levin, 1980;West, 1967).
levels of education (e.g., Becker, 1964;Hanoch, 1967;Han- Indeed, the initial proposal to create an educational market
sen, 1963;Psacharopoulos,1973)and studies relatingeduca- through educational vouchers was proposed by Milton
tional investment to economic growth (Bowman, 1964; Friedman (1962), also a winner of the Nobel prize. Fried-
Denison, 1962; Psacharopoulos, 1984; Schultz, 1960, 1961) man's seminal articleon vouchers is also the source of one
and economic development (Bowman, 1980;Carnoy, 1977). of the most original ideas for funding higher education,
The large volume of on-the-job training supported by U.S. through income contingent loans to students. Friedman
firms has made this a particularlyimportant area of study would have the government provide student loans that
(Mincer, 1974). Other research includes the contributions could be paid back according to the income generated by
of educational investment to efficiency in consumption the higher educational investment-so-called income con-
(Michael,1972),laborproductivity(Dean, 1984;Tsang, 1987; tingent loans.
Welch, 1970), household productivity more generally Another traditionalareaof economics, public finance, has
(Haveman & Wolfe, 1984; Michael, 1982), and health also contributed to the economics of education. Schools
(Grossman, 1976), as well as empiricalstudies of education representthe most importanttargetof state and local spend-
and the distribution of income (Chiswick & Mincer, 1972; ing. Issues of taxation, intergovernmentalgrants, equity in
Mincer, 1970). school finance, and efficiency in school finance have been
The influence of the literature from the new field was important areas of research. The earliest comprehensive
rapid. For example, the logic of human capital investments work on these subjects was that of Charles Benson (1962),

- 14 EDUCATIONAL RESEARCHER -

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who applied economic analysis to what had been, tradition- level of education, with the returns to that investment ex-
ally, a subfield of educational administration. Weisbrod pressed as an annual interest rate. The benefits of an addi-
(1964)extended the application of the notion of external ef- tional level of education, for example, of a college degree
fects (effectsthat spill over to other jurisdictions)to the finan- rather than a high school diploma, are represented by the
cing of schools. By the early 1970s, a wide range of research added earnings received over a lifetime. When calculating
was undertaken on court-induced educational reforms that additional future earnings, economists discount their value
would provide greater equity in taxation and spending relative to earnings received at present. This procedure is
among loqcalschool districts (Pincus, 1974; Carroll& Park, used to account for the fact that deferred benefits have less
1983;Berne & Steifel, 1984). Economictheory has also been value to their recipients than those received at present (a
applied to higher educationalfinance (Hansen, 1984;Wind- fact that is consistent with the findings of psychologists on
ham, 1979). the relative value of deferred gratification).
The quest for efficiency in educational spending has also But, the investment also has costs in terms of both the
drawn upon the economics of production. Economistshave direct expenses of books, tuition, and other college expen-
undertaken studies of educational production functions to ditures and the earnings foregone by pursuing a college
ascertainthe statisticalrelationbetween inputs and outputs education. For most students, the foregone earnings are far
(Hanushek, 1986;see also his articlein this issue). This work greater than the direct expenses. Thus, changes in the ratio
has also extended to the allocationof resourcesin classrooms of college graduates' earnings to high school graduates'
(Brown & Saks, 1975; Thomas, Kemmerer, & Monk, 1982) earnings represent the most importantcomponent of rates
and to college quality (Solmon & Taubman, 1973). In addi- of return which, in turn, reflect changes in the incentive to
tion, economists have looked specifically at new instruc- pursue a college education. Barelymore than a decade ago,
tional technologies to see if they might raise productivity it was widely held that there was an oversupply of college
by substituting capital for labor in what is a labor-intensive graduates because the premium for college completion had
enterprise (Jamison, Klees, & Wells, 1978). plummeted considerablyduring the 1970s (Freeman,1976).
More recent work has focused on cost-effectiveness and But, by 1985, that premium had risen considerably to an
cost-benefitapproachesto evaluatingalternativeways of im- historical high, well above the premiums for college gra-
proving education through the use of computers, lengthen- duates in previous decades. Murphy and Welch trace out
ing the school day, and other interventions (Levin, Glass, this pattern both for all workers and younger ones, with
& Meister, 1987). Benefit-cost analyses of investments in separate analyses by gender and race. They also speculate
reducing dropouts (Levin, 1972) or in preschool education on the causes of the dramaticchanges in earnings patterns
for at-risk students (Barnett, 1985) have shown that the that they observe.
benefits to society from these investments considerably ex-
ceed the costs. "Human Capital and the Labor Market"
Articles on the economics of education are found periodi- In contrast to the specific analysis of a rich set of data pur-
cally in virtually all economics journals and in a few educa- sued by Murphy and Welch, JacobMincerprovides a review
tion journals. Two journals represent more central publica- of a large number of studies on human capital formation
tion outlets for that literature, the Economicsof Education through training and learning on-the-job. Along with
Review, established in 1980, and the Journalof Human Schultz and Becker, Mincer was a pioneer in the develop-
Resources,established in 1966. One indication of the burst ment of the human capitaltheory. In this article,he focuses
of activity in the field in recent decades is the fact that the especially upon the voluminous work that he and others
most recent edition of the majortextbook on the economics have done on job training. One of the major contributions
of education (Cohn, 1979)cited over 2,000 reports, articles, of human capital theory was its explanation of how much
and books on the subject. That number of sources had firms choose to invest in on-the-job training and who pays
grown from about 500 in the 1972 edition and from some for it under different market conditions (Becker, 1964;
400 in the first comprehensive book on the field (Blaug, Mincer, 1962;Rosen, 1972).Mincerreports the considerable
1970). There is every indication that the number has prob- empirical results on these issues from both early and more
ably doubled again in the decade since Cohn's 1979edition. recent studies. He also extends discussion of these issues
to some considerations of how they are affected by tech-
Four Selections in the Economics of Education
nological change, and he reports recent findings and inter-
The articles in this issue of the EducationalResearcherare pretations in this area. His work converges with the results
broadly representative of research in the field. Obviously, reported by Murphy and Welch that indicate that market
in a field with so many different applications of economics, demand for human capital increases with changing
choices are required.The influence of human capitalstudies technology.
has been pervasive, generating much significantdiscussion,
"Investment in Education"
and, thus, three of the four articles are based upon human
capital premises. The fourth, Hanushek's, is representative What is the investment in education by a society? This may
of education production-function studies. sound like a simple question, readily answered by adding
up the direct instructional costs of schooling and the
"Wage Premiums for College Graduates" foregone earnings that are the students' investments. But,
The article by Kevin Murphy and Finis Welch addresses a unlike such investments in physical capital as plants and
topic that is at the heart of the assessment of profitability equipment, there is a considerable gestation period before
of investment in higher education. One method of educational investment in human capital is available to the
estimating the profitabilityof educational investments is to economy. Forexample, if we include preschool investments,
calculate the rate of return on undertaking an additional a college graduate will have absorbed some two decades of

MAY 1989 15

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50-72. pretationfor the Law School AdmissionTest.Respon-
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shortages and turnover: The case of mathematics and science
proposenewdirectionsand/or additionalprojectsfor the
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demonstratedby publishedresearch;excellentorganiza-
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