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Reviews evidence on public returns, emphasizing theoretical and empirical advances, and explains how public investments shape private returns in the United States. Concludes with recommendations for key metrics to support institution-specific measures of public value and highlights areas where additional research is needed to strengthen equity-informed policy decisions.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/the-economic-returns-to-postsecondary-education-public-and-private-perspectives/586709/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/the-economic-returns-to-postsecondary-education-public-and-private-perspectives/586709.png","ImageObject",300,407,{"name":92,"@type":93},"Angel","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-29","2026-10-15",true,{"@type":102,"interactionType":103,"userInteractionCount":81},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What does the paper mean by “private returns” to higher education?","Question",{"text":112,"@type":113},"Private returns are the total value of all benefits to an individual from earning a postsecondary credential minus the total costs incurred to obtain it.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How does the paper measure or discuss “public returns” to higher education?",{"text":117,"@type":113},"It surveys evidence on public returns and highlights recent theoretical and empirical advances, including spillover benefits and net government costs and how public spending relates to private returns.",{"name":119,"@type":110,"acceptedAnswer":120},"What are the paper’s recommendations?",{"text":121,"@type":113},"It concludes with a brief set of recommendations for key metrics that institutions should consider when developing measures of public value, along with suggestions for where further research would be helpful.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},586709,1792481551,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":81,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":52,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144,"preview_page_count":4},687207412472,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","THE ECONOMIC RETURNS TO POSTSECONDARY EDUCATION:  \nPUBLIC AND PRIVATE PERSPECTIVES  \nJordan Matsudaira  \nTeachers College, Columbia University  \nTABLE OF CONTENTS  \nMeasuring Private Returns to Higher Education  .................................... 2  \nMeasuring Public Returns to Higher Education  .................................... 3  \nSpillover Benefits of Higher Education  ........................................... 4  \nNet Government Costs: Direct Expenditures  ...................................... 4  \nNet Government Costs: Fiscal Impacts  ........................................... 5  \nPublic Spending and Private Returns  ............................................ 6  \nDeveloping Institution-Specific Metrics to Capture Public Returns  .................... 8  \nReferences  ................................................................. 9  \nThis paper is one in a foundational research series for the Postsecondary Value Commission authored in summer 2019 by scholars with diverse backgrounds and expertise. The research presented in these papers applies an equity lens to the philosophical, measurement, and policy considerations and assumptions underlying key components of postsecondary value to students and society, including investment, economic and non-economic returns, mobility, and racial and socioeconomic justice.  \nThe Postsecondary Value Commission consulted this foundational research as it developed a conceptual definition of postsecondary value, a framework for measuring how institutions and programs create value and ensure equitable outcomes, and an action agenda with recommendations for applying the definition and framework to change policies and practices. Through this breadth of scholarship, the commission was better able to define the value of postsecondary education and the role institutions can play in creating a more equitable and fair United States.  \nFollowing the May 2021 release of the commission’s findings, these foundational papers were prepared for publication. The views and opinions expressed in these papers do not necessarily reflect the positions of individual members of the Postsecondary Value Commission or the organizations they represent.  \nThe Postsecondary Value Commission along with the Bill & Melinda Gates Foundation and Institute for Higher Education Policy are deeply grateful to the authors of this series. The authors’ extensive expertise and thoughtful engagement in this work provided the foundation for the commission to develop an informed, innovative, and equity-driven framework. They also thank Deborah Seymour for editing the written products and the team at GMMB for their creative design and layout.  \nSuggested citation: Matsudaira, J. (2021) . The Economic Returns to Postsecondary Education: Public and Private Perspectives.  \nPostsecondary Value Commission.  \nIn 1776, Adam Smith wrote, “the expense of the institutions for education… is… beneficial to the whole society, and may, therefore, without injustice, be defrayed by the general contribution of the whole society,” in the Wealth of Nations.a Since then, economists and policymakers have argued  \nthat the social returns to higher education exceed those accrued by individuals, justifying public investment in higher education. Smith also noted, however, that public support may not be necessary to encourage individuals’ pursuit of education if the private returns were high: “This expense, however, might perhaps with equal propriety, and even with some advantage, be defrayed altogether by those who receive the immediate benefit of the education.”b  \nThis paper discusses the conceptual difference between private and public economic returns to education, and the  \n“  \nEconomists and policymakers have argued that the social returns to higher education exceed those accrued by individuals, justifying public investment in higher education  .  \nvalue of each of these metrics. It then briefly surveys evidence on the public returns to educati","cbCaigcTlO9qTRPl","https://ap.wps.com/l/cbCaigcTlO9qTRPl","pdf",635436,"English","# Measuring Private Returns to Higher Education\n# Measuring Public Returns to Higher Education\n## Spillover Benefits of Higher Education\n## Net Government Costs: Direct Expenditures\n## Net Government Costs: Fiscal Impacts\n## Public Spending and Private Returns\n# Developing Institution-Specific Metrics to Capture Public Returns\n# References","[{\"question\":\"What does the paper mean by “private returns” to higher education?\",\"answer\":\"Private returns are the total value of all benefits to an individual from earning a postsecondary credential minus the total costs incurred to obtain it.\"},{\"question\":\"How does the paper measure or discuss “public returns” to higher education?\",\"answer\":\"It surveys evidence on public returns and highlights recent theoretical and empirical advances, including spillover benefits and net government costs and how public spending relates to private returns.\"},{\"question\":\"What are the paper’s recommendations?\",\"answer\":\"It concludes with a brief set of recommendations for key metrics that institutions should consider when developing measures of public value, along with suggestions for where further research would be helpful.\"}]","THE ECONOMIC RETURNS TO POSTSECONDARY EDUCATION - Public and Private Perspectives | PDF",1792059039,25]