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Returns to Skills around the World: Evidence from PIAAC

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Hanushek, Eric A. ; Schwerdt, Guido ; Wiederhold, Simon ; Wößmann, Ludger:
Returns to Skills around the World: Evidence from PIAAC.
In: European Economic Review. 73 (2015). - S. 103-130.
ISSN 0014-2921 ; 1873-572X

Volltext

Link zum Volltext (externe URL): http://www.cesifo-group.de/DocDL/WP_30002014001000...

Kurzfassung/Abstract

Existing estimates of the labor-market returns to human capital give a distorted picture of the role of skills across different economies. International comparisons of earnings analyses rely almost exclusively on school attainment measures of human capital, and evidence incorporating direct measures of cognitive skills is mostly restricted to early-career workers in the United
States. Analysis of the new PIAAC survey of adult skills over the full lifecycle in 23 countries shows that the focus on early-career earnings leads
to underestimating the lifetime returns to skills by about one quarter. On average, a one-standard-deviation increase in numeracy skills is associated with an 18 percent wage increase among prime-age workers. But this masks considerable heterogeneity across countries. Eight countries, including all Nordic countries, have returns between 12 and 15 percent, while six are above 21 percent with the largest return being 28 percent in the United States. Estimates are remarkably robust to different earnings and skill measures, additional controls, and various subgroups. Instrumental-variable models that use skill variation stemming from school attainment, parental education, or compulsory-schooling laws provide even higher estimates. Intriguingly, returns to skills are systematically lower in countries with higher union density, stricter employment protection, and larger public-sector shares.

Weitere Angaben

Publikationsform:Artikel
Schlagwörter:cognitive skills; education; labor market; earnings; international comparisons
Themenfelder:Nachhaltigkeit
Institutionen der Universität:Wirtschaftswissenschaftliche Fakultät > Volkswirtschaftslehre > Lehrstuhl für Volkswirtschaftslehre, insbesondere Makroökonomik
DOI / URN / ID:10.1016/j.euroecorev.2014.10.006
Peer-Review-Journal:Ja
Titel an der KU entstanden:Nein
Eingestellt am:08. Aug 2017 07:46
Letzte Änderung:21. Sep 2020 15:05
URL zu dieser Anzeige:http://edoc.ku-eichstaett.de/20235/