The rate of return on investment in education in Thailand

This paper summarizes the findings of a study carried out in 1970 by a small team of Thai and foreign research workers under the auspices of the National Education Council of Thailand. The study consisted essentially of (1) a statistical analysis of the structure of personal earnings in Greater Bangkok as revealed by a household survey specially conducted for the purpose; (2) an analysis of the costs of education in the entire country from data gathered by a mailed questionnaire to public and private schools; and (3) a calculation of private and social rates of return on educational investment in Thailand, making use oj (1) and (2).¹ An earlier paper reported on the statistical analysis of earnings (Blaug 1974). The present paper concentrates on the rate‐of‐return calculations, with a passing glance at the cost figures.