In an important contribution to educational policy, Daniele Checchi offers an economic perspective on the demand and supply of education. He explores the reasons why, beyond a certain point, investment in education has not resulted in reductions in social inequalities. Starting with the seminal work of Gary Becker, Checchi provides an extensive survey of the literature on human capital and social capital formation. He draws on individual data on intergenerational transmission of income and education for the USA, Germany and Italy, as well as aggregate data on income and educational inequality for a much wider range of countries. Checchi explores whether resources spent in education are effective in raising students' achievement, as well as analysing alternative ways of financing education. The Economics of Education thus provides the analytical tools necessary to understand the complex relationships between current income inequality, access to education and future inequality.
• Written in an accessible, non-technical style • Comparative approach using an international set of data • Offers an extensive review of the literature and raises important questions for policy-makers
List of figures; List of tables; Preface; 1. The relevance of education; 2. The demand for education; 3. Liquidity constraints and access to education; 4. The supply of education; 5. Education financing; 6. The return on education; 7. Intergenerational persistence; References; Subject index; Author index.
'An excellent book; up-to-date and well organised. It brings together modern theoretical and empirical developments, and presents them lucidly. I learned a lot from it.' Gianni De Fraja, University of Leicester and CEPR
'This book is set to become a major reference in the field.' Thomas Piketty, Ecole Normale Supérieure, Ecole des Hautes Etudes en Sciences Sociales, Paris
'Daniele Checchi has done us a great favour with this extraordinarily comprehensive, thorough and, indeed, magisterial panorama of the economics of education. Being comprehensive implies the need to tackle some very complex and difficult issues and this he does with authority and plenty of generous guidance when the going gets tough. And Checchi leaves no doubts that economists have a lot of important things to say on the dilemmas of educational choices. This book is unmatched - simply the best there is of its kind.' Gosta Esping-Andersen, Universitat Pompeu Fabra
'Daniele Checchi provides an insightful and comprehensive treatment of the economics of education, bringing together up-to-date theory and evidence. The book provides an invaluable stepping stone for research in the field of human capital, inequality and economic growth.' Omer Moav, Hebrew University, Jerusalem
'The economics of education has undergone a major revival in recent years and this book provides a timely discussion of many of the key areas in this thriving research field. Daniele Checchi has written a first rate book on this subject, offering the reader a masterful blend of theoretical work accompanied by empirical evidence. The material in the book covers important policy relevant areas like the demand and supply of education, education financing, the economic returns to education and the extent of intergenerational mobility. The book is an essential read for anyone interested in contemporary issues in the economics of education.' Stephen Machin, University College London
'… a treasure trove of impartial scholarship. Thanks to Checchi, the numerate reader will be empowered to construct educational policies based on the best analyses available.' The Times Higher Education Supplement