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1、96-21UNIVERSITYOFCALIFORNIA,SANDIEGODEPARTMENTOFECONOMICSDOSCHOOLRESOURCESMATTERONLYFOROLDERWORKERS?BYJULIANR.BETTSDISCUSSIONPAPER96-21JUNE1996DoSchoolResourcesMatterOnlyforOlderWorkers?April1996JulianR.BettsDept.ofEconomics,UniversityofCalifornia,SanDiego,LaJolla,CA92093-0508(6
2、19)534-3369Fax:(619)534-7040jbetts@ucsd.eduThisarticleisforthcomingintheReviewofEconomicsandStatistics.IamgratefultoJamesHeckman,AnneLayne-FarrarandPetraToddforsupplyingstate-leveldataonschoolresources.IwouldliketothankGeorgeBorjas,EricHanushek,RobertWillis,ananonymousrefereeand
3、seminarparticipantsatStanfordUniversity,the1996meetingoftheAmericanEconomicAssociationandthe1995summermeetingoftheWesternEconomicAssociationforhelpfulsuggestions.IamalsogratefultoEricJohnsonforexcellentresearchassistanceandtoUCSDforresearchsupport.AbstractTheliteraturewhichexami
4、nestheimpactofschoolspendingonstudents’subsequentearningsisbifurcatedintostate-levelstudies,whichtypicallyfindstrongeffects,andschool-levelstudies,whichfindlittleeffect.Sincemostoftheschool-levelstudiesexamineyoungworkers,oneexplanationforthediscrepancyisthatschoolinputsbenefitw
5、orkersonlyastheygainjobexperience.Thepaperteststhehypothesisbyusingbothschool-level(NLSY)andstate-leveldatasources(CensusandtheBiennialSurveyofEducation).Bothdata-setssuggestthatthereistypicallynosignificantagedependence.Thusotherexplanationsofthediscrepancyarelikelytoexplainthe
6、differingresults.JELCodes:I21,I241.IntroductionEducationisarguablyoneofthebestlongtermpublicinvestmentsavailabletoasociety.Itiswidelyacceptedthattheprivatereturnstoanadditionalyearofeducationarequitehigh,andthatthesocialreturnsarealsohigh.Suchbeliefsformthebasisofgovernmentaidpr
7、ogramssuchasPellgrants,whicharedesignedtoencourageworkerswhocouldnototherwiseaffordcollegetoattend.Recently,interesthasbeenrekindledinanequallyimportantquestion:wouldincreasedspendingonpublicschoolresourcesrepresentanequallygoodorevenbetterinvestment?Inotherwords,shouldeducation
8、alsubsidiesbeshiftedfromtheextensivemargin(year
