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Benefits of Higher Education

The benefits of higher education accrue to both the individual and the society as a whole. When individuals decide whether to pursue higher education, they may only narrowly consider the effects of higher education on their labor market outcomes. Higher education is correlated with higher rates of employment as well as higher earnings. Individuals with more education also receive larger nonwage benefits, such as more generous health and retirement benefits. In addition to these labor market effects, individuals may reap other benefits from higher education such as better health and higher happiness levels. A more educated populace also benefits society. Higher education levels are associated with greater levels of tax revenues as well as lower expenditures on social welfare programs. In addition, higher levels of ...

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