Skip to main content
Article thumbnail
Location of Repository

Wage returns to university disciplines in Greece: are Greek Higher Education degrees Trojan Horses?

By Ilias Livanos and Konstantinos Pouliakas

Abstract

This paper examines the wage returns to qualifications and academic disciplines in the Greek labour market. Exploring wage responsiveness across various degree subjects in Greece is interesting, as it is characterised by high levels of graduate unemployment, which vary considerably by field of study, and relatively low levels of wage flexibility. Using micro-data from recently available waves (2002-2003) of the Greek Labour Force Survey (LFS), the returns to academic disciplines are estimated by gender and public/private sector. Quantile regressions and cohort interactions are also used to capture the heterogeneity in wage returns across the various disciplines. The results show considerable variation in wage premiums across the fields of study, with lower returns for those that have a marginal role to play in an economy with a rising services/shrinking public sector. Educational reforms that pay closer attention to the future prospects of university disciplines are advocated

Topics: LC, HD
Publisher: Routledge
Year: 2011
OAI identifier: oai:wrap.warwick.ac.uk:2322

Suggested articles

Citations

  1. 14 Individuals born prior to 1950 are neglected, given the limited number of observations that result in small cell sizes by field of study.
  2. 2 More recent figures from the OECD (2008) place the percentage close to 18%.
  3. (2002). 500.000 students in Greek AEI’,
  4. (2007). 9 This matches closely with the 0.26 coefficient reported by Machin and McNally
  5. (2002). Appendix Tables Table A1 (Log) Wage Returns to Educational Qualifications in Greece,
  6. (2002). calculates that Greece has by far the largest ratio of doctors or lawyers per head in the EU.
  7. (2003). Earnings Differences by Major Field of Study : Evidence From Three Cohorts of Recent Canadian Graduates’, doi
  8. (2006). Earnings Functions, Rates of Return and Treatment Effects: The Mincer Equation and Beyond” doi
  9. (2007). Economic Surveys: Greece, doi
  10. (2008). Education at a Glance, doi
  11. (2005). Education Online Database, www.oecd.org/education/database doi
  12. (1992). Educational Expansion and Earnings Differentials in Greece’, doi
  13. (2008). Exploring graduate prospects by field of study : an analysis of the Greek labour market’, unpublished mimeo,
  14. (2003). Funding Higher Education in the UK: The Role of Fees and Loans’, doi
  15. (2004). Gender Wage Differentials in Greece’, doi
  16. (1999). Graduate Earnings in Great Britain: doi
  17. (2008). Heterogeneities in the Returns to Degrees : Evidence from the British Cohort Study doi
  18. (1976). Human Capital Theory : A Slightly Jaundiced Survey’,
  19. (1964). Human Capital: A theoretical and empirical analysis with special reference to education, 3 rd ed., doi
  20. (2004). Is there a glass ceiling over Europe? Exploring the gender pay gap across the wage distribution’, IZA
  21. (1996). Labour Market Studies: Greece, Employment and Social Affairs,
  22. (2000). one lawyer corresponded to every 338 residents, compared to the average EU ratio of 1:850, while the ratio of doctors per residents in the whole country stands at 1/185 (in Athens it is 1/150), compared to 1/350-400 in the EU (Fyntanidoy,
  23. (2009). Overeducation Across Europe’
  24. (1997). Overeducation in Greece’,
  25. (2002). Private All Public Private Qualifications doi
  26. (1999). Private returns to education in Greece: A review of the empirical literature’, in R.Asplund and P.T. Pereira (eds) Returns to human capital in Europe: A literature review,
  27. (2002). Professions of the Future and the Past, Patakis Press : Athens
  28. (1997). Public-private wage differentials in Greece’, doi
  29. (2001). Quantile Regression with Sample Selection: Estimating Women’s Return to Education in the US’, doi
  30. (2004). Returns to Education and Wage Equations’, doi
  31. (2007). Returns to education: the Greek experience, 1988-1999’, Applied Economics, doi
  32. (1994). Returns to investment in education: A global update’, doi
  33. (1979). Sample Selection Bias as a Specification Error’, doi
  34. (1999). Schooling and monetary rewards in Greece: an over-education false alarm?’, doi
  35. (1974). Schooling, experience and earnings, doi
  36. (2001). shows that there may be considerable differences between the semiparametric estimates that he proposes and those obtained by a traditional parametric probit model in the selection equation.
  37. (2005). Socio-Economic Differences in the Perceived Quality of High and Low-Paid Jobs in Greece’,
  38. (2003). Subject of degree and the gender wage differential: Evidence for the UK and Germany’, doi
  39. (2002). Table A2 (Log) Wage Returns to Academic Disciplines in Greece,
  40. (2002). Table A4 Two-step ML estimates of Returns to Academic Disciplines in Greece,
  41. (2002). Table A6 Estimates of Returns to Academic Disciplines in Greece with Controls for Ability,
  42. (1999). The causal effect of education on earnings’ doi
  43. (1998). The Dynamics of Changes in the Female Wage Distribution in the USA: A Quantile Regression Approach’, doi
  44. (1992). The Economic Return to Baccalaureate Degrees: New Evidence from the Class of 1972’,
  45. (1993). The Economic Returns to College Major, Quality and Performance: A Multilevel Analysis of Recent Graduates’, doi
  46. (1987). The estimates of the first-stage employment equation are shown in Table A3 below. In order to identify this equation, an additional variable is used that captures the number of children in the household (Mroz,
  47. (2009). The Gender Wage Gap as a Function of Educational Degree Choices in Greece’, doi
  48. (1967). The production of human capital and the life cycle of earnings’, doi
  49. (2001). The Returns to Education: Evidence from the Labour Force Surveys, Research Report for Dept of Education
  50. (2000). The Returns to Higher Education in Britain : Evidence from a British Cohort’, doi
  51. (1987). The Sensitivity of an Empirical Model of Married Women’s Hours of Work to doi
  52. (2003). The social cost of an outdated law: Article 16 of the Greek constitution’, doi
  53. (2006). The unequal distribution of the public-private sector wage gap in Greece: evidence from quantile regression’, doi
  54. (2008). The wage – local unemployment relationship in a highly regulated labour market: Greece’, Regional Studies, doi
  55. Trade of Educational Services Forum’, doi

To submit an update or takedown request for this paper, please submit an Update/Correction/Removal Request.