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...econd, higher education attainments increases with income and differs substantially across countries. Possible explanations for this could be, for example, the typical credit constraints story (e.g., =-=Galor and Zeira, 1993-=-; Mookherjee and Ray, 2003) and the existence of skill-biased technical change (e.g., Galor and Moav, 2000). In this paper, we analyze an alternative explanation that posits cross-country differences ...

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... not change with math scores. The use of math and science and not the reading scores is based on the idea that research activities and the creation of new ideas are important sources of growth (e.g., =-=Romer, 1990-=-). 19countries with cross-sectional data. The results also hold with the measure of quality updated by Hanushek and Woessmann (2009), which is a clear improvement in terms of comparability over time,...

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...by the total aggregate spending on education. Nevertheless, empirical evidence shows that increasing the amount of resources spent does not always translate into better learning among students (e.g., =-=Hanushek, 1995-=-). This issue motivates the inclusion in our model of educational quality as a parameter that varies across countries and is exogenous to the individuals deciding about higher education. 4 Tamura’s (2...

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...nd tertiary), and we test whether quality affects primary, secondary, and tertiary education in similar ways. Using several measures of the quality of education for a broad number of countries (e.g., =-=Barro and Lee, 2001-=-; Hanushek and Kimko, 2000; Hanushek and Woessmann, 2009; and the Shanghai Jiao Tong University Academic Ranking), the empirical results reveal a statistically significant positive effect of education...

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...ble explanations for this could be, for example, the typical credit constraints story (e.g., Galor and Zeira, 1993; Mookherjee and Ray, 2003) and the existence of skill-biased technical change (e.g., =-=Galor and Moav, 2000-=-). In this paper, we analyze an alternative explanation that posits cross-country differences in the quality of the educational system. As preliminary evidence of how important the quality of educatio...

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...heory are tested on a broad sample of countries using regression analysis rather than natural experiments and retrospective analysis in a particular country (e.g., Case and Deaton, 1999; Duflo, 2001; =-=Hanushek et al., 2008-=-). As far as we know, we are the first to take a macroeconomic perspective by testing the effect of the quality of schooling on primary, secondary, and tertiary schooling, and by using aggregate data ...

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...ts primary, secondary, and tertiary education in similar ways. Using several measures of the quality of education for a broad number of countries (e.g., Barro and Lee, 2001; Hanushek and Kimko, 2000; =-=Hanushek and Woessmann, 2009-=-; and the Shanghai Jiao Tong University Academic Ranking), the empirical results reveal a statistically significant positive effect of educational quality on attainment levels in secondary and tertiar...

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...ative aspects of education. An exception is the recent research seeking to quantify the role of educational quality as a determinant of cross-country income differences (see e.g., Erosa et al., 2010; =-=Manuelli and Seshadri, 2007-=-; Schoellman, forthcoming). 3 Our paper concentrates on the effect of education quality on higher education and on how educational quality determines the long-run income level. Surprisingly, there is ...

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... given to the qualitative aspects of education. An exception is the recent research seeking to quantify the role of educational quality as a determinant of cross-country income differences (see e.g., =-=Erosa et al., 2010-=-; Manuelli and Seshadri, 2007; Schoellman, forthcoming). 3 Our paper concentrates on the effect of education quality on higher education and on how educational quality determines the long-run income l...