In this video, Professor Louis Chauvel and Emily Murphy (University of Luxembourg) investigated the global relation between education and monetary gains at the macro and the micro level. For 44 high- and low-income countries they added empirical evidence to the stylized facts that first, countries with more educated populations are richer countries, and second, that within each country, individuals with the highest levels of education have greater incomes. Yet, they note the relevance of exemptions to general rules: Russia and Georgia are highly educated, but poorer than expected; conversely, Luxembourg’s income level exceeds its educational achievement. Moreover, in richer countries the gap in the educational premium for secondary and tertiary education has been increasing, what might have contributed to exacerbate inequality.
