ABSTRACT
Social returns calculations are an attempt to measure the net benefit to society as a whole from investment in education.1 Social costs are different from private costs because education is largely if not wholly financed by the State. Also, the measurement of indirect
cost may be different because of the difference in nature between social and individual choices. Private and social returns may diverge because of direct taxation which reduces private, but not social, income and because of the external benefits of education.
