Education: Consumption or Production / Edward P. Lazear.

Format:

Book

Author/Creator:

Lazear, Edward P.

Contributor:

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w0104.

NBER working paper series no. w0104

Language:

English

Subjects (All):

Education--Economic aspects.

Education.

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Education

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1975.

Cambridge, Massachusetts : National Bureau of Economic Research, 1975.

Summary:

It can be claimed that education is simply a normal consumption good and that like all other normal goods, an increase in wealth will produce an increase in the amount of schooling purchased. Increased incomes are associated with higher schooling attainment as the simple result of an income effect. If this is so, schooling increases an individual's wealth only by the consumption value of the good, since it is a non-saleable asset. This paper will attempt to determine empirically the amount by which an increase in wealth is caused by schooling as distinguished from the amount by which the demand for schooling increases as the result of an increase in wealth.

Notes:

Print version record

September 1975.