Livanos, Ilias and Pouliakas, Konstantinos (2008): Wage Returns to University Disciplines in Greece: Are Greek Higher Education Degrees Trojan Horses?
Download (952kB) | Preview
This paper examines the wage returns to qualifications and academic disciplines in the Greek labour market. Exploring wage responsiveness across various degree subjects in Greece is interesting, as it is characterised by high levels of graduate unemployment, which vary considerably by field of study, and relatively low levels of wage flexibility. Using micro-data from recently available waves (2002-2003) of the Greek Labour Force Survey (LFS), the returns to academic disciplines are estimated by gender and public/private sector. Quantile regressions and cohort interactions are also used to capture the heterogeneity in wage returns across the various disciplines. The results show considerable variation in wage premiums across the fields of study, with lower returns for those that have a marginal role to play in an economy with a rising services/shrinking public sector. Educational reforms that pay closer attention to the future prospects of university disciplines are advocated.
|Item Type:||MPRA Paper|
|Original Title:||Wage Returns to University Disciplines in Greece: Are Greek Higher Education Degrees Trojan Horses?|
|Keywords:||Wages, returns, academic disciplines, fields of study, Greece, heterogeneities, education reforms|
|Subjects:||J - Labor and Demographic Economics > J3 - Wages, Compensation, and Labor Costs > J31 - Wage Level and Structure ; Wage Differentials
J - Labor and Demographic Economics > J3 - Wages, Compensation, and Labor Costs > J38 - Public Policy
J - Labor and Demographic Economics > J2 - Demand and Supply of Labor > J24 - Human Capital ; Skills ; Occupational Choice ; Labor Productivity
|Depositing User:||Konstantinos Pouliakas|
|Date Deposited:||23. Jul 2009 06:09|
|Last Modified:||11. Aug 2015 00:54|
Arulampalam, W., Booth, A. and Bryan, M.L. (2004), ‘Is there a glass ceiling over Europe? Exploring the gender pay gap across the wage distribution’, IZA Discussion Paper, No. 1373, October.
Becker, S.G. (1964), Human Capital: A theoretical and empirical analysis with special reference to education, 3rd ed., University of Chicago Press: Chicago.
Ben-Porath, Y. (1967), ‘The production of human capital and the life cycle of earnings’, Journal of Political Economy, Vol. 75, pp. 352-365.
Blackaby, D., Murphy, P. and O’Leary, N. (1999), ‘Graduate Earnings in Great Britain: A Matter of Degree?’, Applied Economics Letters, Vol. 6, pp. 311-315.
Blaug, M. (1976), ‘Human Capital Theory : A Slightly Jaundiced Survey’, Journal of Economic Literature, Vol. 14, pp. 827-855.
Blundell, R.L., Dearden, L., Goodman, A. and Reed, H. (2000), ‘The Returns to Higher Education in Britain : Evidence from a British Cohort’, Economic Journal, Vol. 110, Vo. 461, F82-F99.
Bratti, M., Naylor, R. and Smith, J.(2008), ‘Heterogeneities in the Returns to Degrees : Evidence from the British Cohort Study 1970’, IZA Discussion Paper no. 1631.
Buchinsky, M. (1994), ‘Changes in the US Wage Structure 1963-1987. An Application of Quantile Regression;, Econometrica, Vol. 62, No. 2, pp. 405-458.
Buchinksy, M. (1998), ‘The Dynamics of Changes in the Female Wage Distribution in the USA: A Quantile Regression Approach’, Journal of Applied Econometrics, Vol. 13, No. 1, pp. 1-30.
Buchinksy, M. (2001), ‘Quantile Regression with Sample Selection: Estimating Women’s Return to Education in the US’, Empirical Economics, Vol. 26, pp. 87-113.
Card, D. (1999), ‘The causal effect of education on earnings’ in: O. Ashenfelter and D. Card (eds.), Handbook of Labor Economics, Vol. 3A, p. 1801-1863, Amsterdam: Elsevier.
Cholezas, I. and Tsakloglou, P. (1999), ‘Private returns to education in Greece: A review of the empirical literature’, in R.Asplund and P.T. Pereira (eds) Returns to human capital in Europe: A literature review, ETLA, Helsinki.
Cholezas, I. and Tsakloglou, P. (2006), ‘Gender Earnings Differentials in the Greek Labour Market’, Economic Policy Studies, forthcoming.
Dolton, P. and Marcenaro-Gutierrez, O. (2009), ‘Overeducation Across Europe’ in: Dolton, P., Asplund, R. and Barth, E. (eds.), Education and Inequality Across Europe, Ch. 4, Cheltenham, Northampton, Mass : Edward Elgar Publishing.
European Commission (1996), Labour Market Studies: Greece, Employment and Social Affairs, Luxembourg.
Finnie, R. and Frenette, M. (2003), ‘Earnings Differences by Major Field of Study : Evidence From Three Cohorts of Recent Canadian Graduates’, Economics of Education Review, Vol. 22, No. 2, pp. 179-192.
Fyntanidoy, E. (2001), ‘Doctor Inflation in Greece’, To Bhma (Greek newspaper), 17 June, No. B13289A421.
Greenaway, D. and Hayes, M. (2003), ‘Funding Higher Education in the UK: The Role of Fees and Loans’, Economic Journal, Vol. 113: F150-F166.
Grubb, W.N. (1992), ‘The Economic Return to Baccalaureate Degrees: New Evidence from the Class of 1972’, Review of Higher Education, Vol. 15, No. 2, pp. 213-231.
Harmon, C., Walker I. And Westergaard-Nielsen, N. (eds.) (2001), Education and Earnings in Europe: A Cross-Country Analysis of the Returns to Education, Cheltenham, Northampton, Mass: Edward Elgard Publishing.
Heckman, J.J. (1979), ‘Sample Selection Bias as a Specification Error’, Econometrica, Vol. 47, pp. 153-161.
Heckman, J., Lochner, L., and Todd, P. (2006), “Earnings Functions, Rates of Return and Treatment Effects: The Mincer Equation and Beyond” in E. Hanushek and F. Welch (eds.), Handbook of the Economics of Education. Amsterdam: North-Holland.
Kanellopoulos, C.N. (1997), ‘Public-private wage differentials in Greece’, Applied Economics, Vol. 29, pp. 1023-1032.
Kanellopoulos, C.N., Mitrakos, T. and Mavromaras, K.G. (2003), Education and Labour Market, Center for Planning and Economic Research, Scientific Studies no. 50: Athens (in Greek).
Katsanevas, (2002), Professions of the Future and the Past, Patakis Press : Athens (in Greek).
Kelly, E., O, O’Connell, P. and Smith, E., ‘The Economic Returns to Field of Study and Competencies among Higher Education Graduates in Ireland’, ESRI working paper No. 242, May.
Lambropoulos, H. and Psacharopoulos, G. (1992), ‘Educational Expansion and Earnings Differentials in Greece’, Comparative Education Review, Vol. 36, p. 52-70.
Leslie, D. (2003), ‘Using Success to Measure Quality in British Higher Education: Which Subjects Attract the Best-Qualified Students?’, Journal of the Royal Statistical Society, Vol. 166, pp. 329-347.
Livanos, I. (2008[a]), ‘Exploring graduate prospects by field of study : an analysis of the Greek labour market’, unpublished mimeo, University of Warwick.
Livanos, I. (2008[b]), ‘The wage – local unemployment relationship in a highly regulated labour market: Greece’, Regional Studies, forthcoming.
Livanos, I. and Pouliakas, K. (2009), ‘The Gender Wage Gap as a Function of Educational Degree Choices in Greece’, MPRA Working Paper No. 14168.
Machin, S. and Puhani, P.A. (2003), ‘Subject of degree and the gender wage differential: Evidence for the UK and Germany’, Economics Letters, Vol. 79, pp. 393-400.
Machin, S. and McNally, S. (2007), ‘Tertiary Education Systems and Labour Markets’, Education and Training Policy Division, OECD.
Magoula, T. and Psacharopoulos, G. (1999), ‘Schooling and monetary rewards in Greece: an over-education false alarm?’, Applied Economics, Vol. 31, pp. 1589-1597.
Mincer, J. (1974), Schooling, experience and earnings, Columbia University Press: NY.
Mroz, T.A. (1987), ‘The Sensitivity of an Empirical Model of Married Women’s Hours of Work to Economic and Statistical Assumptions’, Econometrica, Vol. 55, pp. 765-799.
OECD (2002), ‘Trade of Educational Services Forum’, 23-24 May, Centre for Educational Research and Innovation, Washington, DC.
OECD (2005), Economic Surveys: Greece, OECD: Paris.
OECD (2007), Economic Surveys: Greece, OECD: Paris.
OECD (2008), Education at a Glance, OECD: Paris.
OECD (2009), Education Online Database, www.oecd.org/education/database
O’Leary. N.C. and Sloane, P.J. (2005), ‘The Return to a University Education in Great Britain’, National Institute Economic Review, Vol. 193, No. 1, pp. 75-89.
Papamatthaioy, M. (2002), ‘500.000 students in Greek AEI’, To Bhma (Greek newspaper), 20 Oct, No. B13694A411.
Papapetrou, E. (2004), ‘Gender Wage Differentials in Greece’, Bank of Greece Economic Bulletin, Vol. 23, pp. 47-64.
Papapetrou, E. (2006), ‘The unequal distribution of the public-private sector wage gap in Greece: evidence from quantile regression’, Applied Economics Letters, Vol. 13, pp. 205-210.
Patrinos, H. (1997). ‘Overeducation in Greece’, International Review of Education, Vol. 43, No. 2/3, pp. 203-223.
Pereira, P. and Martins, P. (2004), ‘Returns to Education and Wage Equations’, Applied Economics, Vol. 36, pp. 525-531.
Pouliakas, K. and Theodossiou, I. (2005), ‘Socio-Economic Differences in the Perceived Quality of High and Low-Paid Jobs in Greece’, Bank of Greece Economic Bulletin, Vol. 24, January, p. 91-132.
Prodromidis, K.P. and Prodromidis, P.I. (2007), ‘Returns to education: the Greek experience, 1988-1999’, Applied Economics, pp. 1-8, iFirst.
Psacharopoulos, G. (1990), Education in Greece: A Modern Tragedy, Sideris: Athens.
Psacharopoulos, G. (1994), ‘Returns to investment in education: A global update’, World Development, Vol. 22, pp. 1325-1343.
Psacharopoulos, G. (2003), ‘The social cost of an outdated law: Article 16 of the Greek constitution’, European Journal of Law and Economics, Vol. 16, pp. 123-137.
Rumberger, R.W. and Thomas, S.L. (1993), ‘The Economic Returns to College Major, Quality and Performance: A Multilevel Analysis of Recent Graduates’, Economics of Education Review, Vol. 12, No. 1, pp. 1-19.
Tsakloglou, P. and Cholezas, I. (2005), ‘Education and Inequality in Greece’, IZA Discussion Paper, No. 1582, May.
Walker, I. and Zhu, Y. (2001), The Returns to Education: Evidence from the Labour Force Surveys, Research Report for Dept of Education and Skills, No. RR313, November.
Available Versions of this Item
Returns to education by academic discipline in the Greek labour market. (deposited 19. Mar 2009 05:33)
- Wage Returns to University Disciplines in Greece: Are Greek Higher Education Degrees Trojan Horses? (deposited 23. Jul 2009 06:09) [Currently Displayed]