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External Social Benefits and Costs

The external social benefits of education are education outcomes that benefit others, including those in future generations. They include contributions of education to the operation and improvement of civic institutions essential to democracy, the rule of law, human rights, and political stability. They also include contributions to longevity; reduced poverty; lower crime rates; lower public health, prison, and welfare costs; environmental sustainability; social capital (or trust); and the creation of new ideas for product and process innovation and well-being of the society. Some externality effects are included in earnings such as taxes paid, earnings benefits of living in an educated community, and growth effects over time. External social benefits are in addition to private job market benefits and private nonmarket benefits. The latter include benefits ...

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