Rates of return on higher education in Greece

Abstract

This paper is concerned with cost-benefit analysis of Higher Education in Greece. Estimates are
made of the private and social rates of return for both males and demales in five different subject groups,
i.e. Economics, Law, Mathematics, Medical Sciences and Technical Sciences. The results show that
males generally achieve higher returns than females. The private rates of return vary from approximately
17.3% to 7.4%, whereas the corresponding social rates of return appear to be lower, varying from 13.4%
to 5.6%. In contrast with previous studies, the calculated rates of return have included estimates of the
activities in the private sector and the black economy.