The Benefits and Costs of Alternative Strategies to Improve Educational Outcomes

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2009-01-01
Authors
Glewwe, Paul
Patrinos, Harry
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Economics

The Department of Economic Science was founded in 1898 to teach economic theory as a truth of industrial life, and was very much concerned with applying economics to business and industry, particularly agriculture. Between 1910 and 1967 it showed the growing influence of other social studies, such as sociology, history, and political science. Today it encompasses the majors of Agricultural Business (preparing for agricultural finance and management), Business Economics, and Economics (for advanced studies in business or economics or for careers in financing, management, insurance, etc).

History
The Department of Economic Science was founded in 1898 under the Division of Industrial Science (later College of Liberal Arts and Sciences); it became co-directed by the Division of Agriculture in 1919. In 1910 it became the Department of Economics and Political Science. In 1913 it became the Department of Applied Economics and Social Science; in 1924 it became the Department of Economics, History, and Sociology; in 1931 it became the Department of Economics and Sociology. In 1967 it became the Department of Economics, and in 2007 it became co-directed by the Colleges of Agriculture and Life Sciences, Liberal Arts and Sciences, and Business.

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1898–present

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  • Department of Economic Science (1898–1910)
  • Department of Economics and Political Science (1910-1913)
  • Department of Applied Economics and Social Science (1913–1924)
  • Department of Economics, History and Sociology (1924–1931)
  • Department of Economics and Sociology (1931–1967)

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Abstract

Few empirical relationships have been investigated more frequently than that between years of schooling and earnings. Hundreds of studies using a wide variety of datasets from developed countries, spanning many decades, and employing alternative specifications to correct for various potential sources of bias, have consistently found positive private returns per year of schooling.• Returns arc frequent ly equal to or above long-run average market returns to other investments.

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This is a chapter from Global Crises, Global Solutions (2009): 180. Posted with permission.

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Thu Jan 01 00:00:00 UTC 2009
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