Theodore R. Breton
Schooling and national income: how large are the externalities?
Columbia Medical Practice
paper uses new dataset cumulative national investment formal schooling new instrument schooling estimate national return investment 61 countries estimates combined data private rate return investment schooling estimate external rate return 1990 external rate return ranged 10 highincome countries 50 lowestincome countries external benefits schooling equal private benefits highincome countries three times private benefits lowestincome countries