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University Expansion in a Changing Global EconomyTriumph of the BRICs?$
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Martin Carnoy, Prashant Loyalka, and Maria Dobryakova

Print publication date: 2013

Print ISBN-13: 9780804786010

Published to Stanford Scholarship Online: January 2014

DOI: 10.11126/stanford/9780804786010.001.0001

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PRINTED FROM STANFORD SCHOLARSHIP ONLINE (www.stanford.universitypressscholarship.com). (c) Copyright Stanford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in SSO for personal use.date: 13 October 2019

Economic Returns to Investing in Higher Education and Their Impact in the BRIC Countries

Economic Returns to Investing in Higher Education and Their Impact in the BRIC Countries

(p.72) 3 Economic Returns to Investing in Higher Education and Their Impact in the BRIC Countries
University Expansion in a Changing Global Economy

Martin Carnoy

Prashant Loyalka

Maria Dobryakova

Rafiq Dossani

Isak Froumin

Katherine Kuhns

Jandhyala B. G. Tilak

Rong Wang

Stanford University Press

The chapter analyzes the changing economic value of secondary and higher education in the BRICs. The chapter makes two main arguments. First, because of increased returns globally to the production of knowledge based good and services, the payoff to higher education in the BRICs has risen in the past 15 years even in the face of large increases in the number of university graduates. The payoff to higher education now exceeds the payoff to secondary schooling in the BRICs. Second, the rising payoff to high education has pushed governments to expand higher education enrollment, but, simultaneously, has made it possible for them to finance the expansion through charging tuition in public universities and allowing private, tuition based institutions to absorb an increasing proportion of university enrollment. This has been especially true for financing increased enrollment in higher payoff programs of study, such as business studies, engineering, and computer science.

Keywords:   private rates of return, investment in higher education, market reforms, earnings differences, productivity differences, demographic context

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