Abstract
We use new estimates of private and social returns to investment in education in Hong Kong, in order to address the efficiency and equity of the higher education system. Investment in education is highly profitable to the individual, and the social returns far exceed any alternative discount rate. Public subsidisation of higher education contributes to the near world record of income inequality in the economy. The higher education expansion has not been associated with an appreciable decline of the returns to education, and the evidence does not support the existence of screening over education.
| Original language | English |
|---|---|
| Pages (from-to) | 245-267 |
| Number of pages | 23 |
| Journal | Journal of Educational Planning and Administration |
| Volume | 34 |
| Issue number | 4 |
| Publication status | Published - Oct 2020 |
