Browse IFS
Publication types
Impact on Society
03 May 2013
Assessing the economic benefits of education: reconciling microeconomic and macroeconomic approaches
Impact on Society
Understanding the role education can play as a driver of economic growth is of crucial policy importance. Researchers at IFS have undertaken a critical review of approaches used in microeconomic and macroeconomic literature to estimate the returns to education for both individuals and the wider economy. Drawing on this analysis, they have evaluated the Department for Education’s current approach and provided a number of recommendations for improvement. The resulting report was received with great interest by members of the Department, who have emphasized its usefulness in developing more robust methods for appraising educational policies and in shaping the Department’s role in the cross-government growth agenda.