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Harmon and Walker 2001
Citation Text:
Harmon, C., and Walker, I., (2001) The Returns to Education: A Review of Issues and Deficiencies in the Literature. DfEE Research Briefing No. 254. Sheffield: DfEEEditorial Comment:
Focus of Study
This study focuses on the individual and social returns of education.
Key Findings
Evidence from large UK datasets suggests that an individual who undertakes an additional year of full-time education can expect to earn between 7-9% more than some who does not.
The evidence in the UK on the net benefits of education for the economy is limited in the main to the higher education sector. The evidence demonstrates a positive net benefit, but the extent of the benefit is dependent on degree subject, with the highest return captured by medicine, nonbiological sciences, social sciences and computing graduates.
Additional comments
No mention of guidance specifically, but demonstrates the benefits of continued participation in learning to the individual and society. The study does touch on the notion of overeducation / underemployment in relation to graduates and explicitly states that planning is required to ensure that the supply of graduates qualified in specific fields does not exceed demand.
It could be inferred from this that graduates, and indeed those entering higher education, need information, advice and guidance on the nature and extent of the labour market and the skills they will need in addition to their degree to successfully secure appropriate employment.