Estimates of the economic return to schooling for 28 countries

The economic returns to schooling are estimated using comparable microdata in 28 countries, worldwide. Considerable variation in rates of return is found across countries. There is no evidence for a worldwide rising rate of return to education from 1985 through 1995. Indeed, the worldwide rate of return declines slightly over this period. In general, instrumental-variable estimates (using spouse’s and parents ’ schooling as determinants of schooling) are over 20 % higher than ordinary