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.
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 |
| Journal | Journal of Educational Planning and Administration |
| Volume | 34 |
| Issue number | 4 |
| Publication status | Published - Oct 2020 |
