TY  - JOUR
AU  - Lazear,Edward P.
TI  - Education: Consumption or Production
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 104
PY  - 1975
Y2  - October 1975
UR  - http://www.nber.org/papers/w0104
L1  - http://www.nber.org/papers/w0104.pdf
N1  - Author contact info:
Edward P. Lazear
Graduate School of Business
Stanford University
Stanford, CA 94305
Tel: 650/723-9136
Fax: 650/723-0498
E-Mail: lazear@stanford.edu
AB  - It can be claimed that education is simply a normal consumption good and that like all other normal goods, an increase in wealth will produce an increase in the amount of schooling purchased. Increased incomes are associated with higher schooling attainment as the simple result of an income effect.  If this is so, schooling increases an individual's wealth only by the consumption value of the good, since it is a non-saleable asset. This paper will attempt to determine empirically the amount by which an increase in wealth is caused by schooling as distinguished from the amount by which the demand for schooling increases as the result of an increase in wealth.
ER  -