To be a STEM or not to be a STEM: Why do countries differ?

This paper proposes a theoretical analysis and an empirical investigation on simultaneous choices of an enrolment and discipline field, comparing science, technology, engineering, and mathematics (STEM) to non-STEM fields, to enlighten economic variables influencing students. The cross-country analysis of 35 countries in the period 2013–2016 tries to disentangle factors shifting students from one choice to another and why countries differ in directing students toward specific disciplines. The results show that expenditures in R&D convince more students to choose STEM disciplines, whereas population density and the expected years of schooling have a negative impact on the percentage of STEM enrolments. As a whole, it appears that STEM enrolments are chosen for investment motives, whereas non-STEM enrolments are less guided by economic factors and more dependent on a consumption effect