Impact of Macroeconomic Orientation on Returns to Education: Evidence from Ecuador, 2010–2021 Economía
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Abstract
Since Becker (1964) introduced the idea of education's importance in economic growth, research on this topic has expanded across various fields due to its relevance. This article examines the returns on investment in education among Ecuadorians, as reflected in their wages from 2010 to 2021. We distinguish between two investment approaches shaped by public policy: a developmentalist approach (2010-2015) and a liberal approach (2017-2021). Using an ordinary least squares model based on Mincer's (1974) framework, we show that during the period characterized by increased public spending, the returns on education were higher, particularly at high school and higher education levels. These findings align with human capital studies that indicate a positive relationship between increased investment in education and economic development.
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Miguel Efraín Sangurima-Pacheco, Universidad Técnica de Cotopaxi - Ecuador
https://orcid.org/0000-0003-2974-1307
Miguel Sangurima, professor of economics and mathematics, PhD candidate in Economic Sciences. I am interested in research on the labor market, migration, and behavioral economics.
Luis Fabricio Lascano-Pérez, Universidad Técnica de Cotopaxi - Ecuador
https://orcid.org/0000-0001-6364-6878
Luis Fabricio Lascano Pérez, PhD in Social Sciences with a specialization in Management. Master’s in financial management. Economist. His research areas include Entrepreneurship, Competitiveness, Brand and Commercial Management, Social and Solidarity Economy, and Behavioral Economics. He has held public and private positions in the Popular and Solidarity Financial System.
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