The volume of research into the economics of education has grown rapidly in recent years. In this comprehensive new Handbook, editors Eric Hanushek, Stephen Machin, and Ludger Woessmann assemble original contributions from leading researchers, addressing contemporary advances in the field. Each chapter illuminates major methodological and theoretical developments and directs the reader to productive new lines of research. As a result, these concise overviews of the existing literature offer an essential 'jumpstart' for both students and researchers alike.

What is the value of an education? Volume 4 of the Handbooks in the Economics of Education combines recent data with new methodologies to examine this and related questions from diverse perspectives. School choice and school competition, educator incentives, the college premium, and other considerations help make sense of the investments and returns associated with education. Volume editors Eric A. Hanushek (Stanford), Stephen Machin (University College London) and Ludger Woessmann (Ifo Institute for Economic Research, Munich) draw clear lines between newly emerging research on the economics of education and prior work. In conjunction with Volume 3, they measure our current understanding of educational acquisition and its economic and social effects.
Winner of a 2011 PROSE Award Honorable Mention in Economics from the Association of American PublishersDemonstrates how new methodologies are yielding fresh perspectives in education economicsPresents topics and authors whose data and conclusions attest to the globalization of research Complements the policy and social outcomes themes of volume 3

How does education affect economic and social outcomes, and how can it inform public policy? Volume 3 of theHandbooks in the Economics of Education uses newly available high quality data from around the world to address these and other core questions. With the help ofnew methodological approaches, contributors cover econometric methods and international test score data. They examine the determinants of educational outcomes andissues surrounding teacher salaries and licensure. And reflecting government demandsfor more evidence-based policies, they take new looks at institutional feaures of school systems. Volumeeditors Eric A. Hanushek(Stanford), Stephen Machin (University College London) and Ludger Woessmann (Ifo Institute for Economic Research, Munich) draw clear lines between newly emergingresearch on the economics of education and prior work. In conjunction with Volume 4, theymeasureour current understanding of educationalacquisition and its economic and socialeffects.
Uses rich data to study issues of high contemporary policy relevanceDemonstrates how education serves as an importantdeterminant of economic and social outcomesBenefits fromthe globalization of research in the economics of education"

This book presents a thorough economic analysis of both the determinants and the consequences of international differences in schooling quality. It is shown that cross-country differences in quality-adjusted human capital can account for a substantial part of the international variation in economic development. However, large increases in per-student spending over recent decades were not matched by increases in student achievement in most countries. In a simple principal-agent model, the book stresses the importance of institutional features of the schooling system such as central examinations, school autonomy, and private-sector competition. Microeconometric estimations based on data for more than a quarter of a million students reveal that international differences in these institutions, rather than differences in resources, can explain the large international differences in schooling quality.

Comparative analyses of the influence of public opinion on education policy in developed countries. Although research has suggested a variety of changes to education policy that have the potential to improve educational outcomes, politicians are often reluctant to implement such evidence-based reforms. Public opinion and pressure by interest groups would seem to have a greater role in shaping education policy than insights drawn from empirical data. The construction of a comparative political economy of education that seeks to explain policy differences among nations is long overdue. This book offers the first comparative inventory and analysis of public opinion and education in developed countries, drawing on data primarily from Europe and the United States.

The relative deficiencies of U.S. public schools are a serious concern to parents and policymakers. But they should be of concern to all Americans, as a globalizing world introduces new competition for talent, markets, capital, and opportunity. In Endangering Prosperity, a trio of experts on international education policy compares the performance of American schools against that of other nations. The net result is a mixed but largely disappointing picture that clearly shows where improvement is most needed. The authors' objective is not to explain the deep causes of past failures but to document how dramatically the U.S. school system has failed its students and its citizens. It is a wake-up call for structural reform. To move forward to a different and better future requires that we understand just how serious a situation America faces today. For example, the authors consider the Programme for International Student Assessment (PISA), an international mathematics examination. America is stuck in the middle of average scores, barely beating out European countries whose national economies are in the red zone. U.S. performance as measured against stronger economies is even weaker - in total, 32 nations outperformed the United States. The authors also delve into comparative reading scores. A mere 31 percent of U.S. students in the class of 2011 could perform at the "proficient" level as measured by the National Assessment of Educational Progress (NAEP) program, compared with South Korea's result of 47 percent. And while some observers may downplay the significance of cross-globe comparisons, they should note that Canadian students are dramatically outpacing their U.S. counterparts as well. Clearly something is wrong with this picture, and this book clearly explicates the costs of inaction. The time for incremental tweaking the system is long past - wider, deeper, and more courageous steps are needed, as this book amply demonstrates with accessible prose, supported with hard data that simply cannot be ignored.