Nationaløkonomisk tidsskrift,
Nationaløkonomisk Forening

Abstract: On the basis of a CGE-model calibrated on danish data the returns to education is examined. The main focus is on evaluating the Rybczynski effects on the Danish economy. If strong Rybczynski effects are present you can simply sum up microestimates of returns to education and use them to make macroeconomic evaluations. The result is unambigously that there are only small Rybczynski effects in the Danish economy. The low demand elasticities for sectors with highly educated workers are driving this result. The lack of strong Rybczynski effects makes it essential to evaluate educational effects in a macroeconomic set up. In this macroeconomic set up it is essential to include a reasonable forecast of skill bias in the technological change as it seems to have had a main influence on the demand for more highly educated labour in the last decades.

Keywords: Education demand; Aggregate human capital

JEL-codes: E24; I21

Language: Danish

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