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Algarve: Nobel-laureats in Economics

ALGARVE: NOBEL-LAUREATS IN ECONOMICSThe main question was “how much more you would earn if you chose to study longer?” A strange comparison? Lets see! 

People with more years of education have higher incomes. Men born in the US during the 1930s earned 7% more for additional years of education. People with 12 years of education have incomes that are 12% higher than those with 11th year. People with 16 years of education have 65% higher incomes than those with 11th year.

“People who choose a long education differ from those who study less. E.g, some people are talented at studying and at working. They are likely to continue studying, but they would still have a high income even if they hadn’t.”

THINK: data shows that people with higher incomes live longer - but is this really due to their higher incomes, or do these people have other attributes that mean they both live longer and earn more? A causal relationship!

Joshua Angrist and Alan Krueger showed more. In the US, children can leave school when they turn 16 or 17, depending on the state where they go to school. Because all children who are born in a particular calendar year start school on the same date, kids who are born early in the year can leave school sooner than those born later in the year.
When Angrist/Krueger compared people born in the first and fourth quarters of the year, they saw that the first group had, on average, spent less time in education.

Another report shows that people who study in a nice environment tend to study more years than in a tough one. Portugal and the Algarve show recently that many more high-school and university youngsters choose to complete their studies here and stay longer than earlier planned.

YES, WE CAN - more international schools in the Algarve!


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