The first part of this paper presents a survey of attempts to assess rates of return to education. Estimates based on regression techniques are compared with those produced by direct measurement. It is emphasized that regression techniques combine internal returns with any externalities, and do not in themselves provide evidence for the presence of externalities. Non-economic effects of education on health and on fertility are also discussed. The second part of the paper looks at the link between education, growth and fertility in more detail. It uses a simulation model of overlapping generations in which children offer a means of saving for support in old age, and illustrates possible relationship between the duration of education, fertility and economic growth.
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Doyle et al. (1994) studied this question.
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