ABSTRACT
T h is p ap e r u p d a tes ev id en ce o n th e re tu rn s to in v e s tm e n t in e d u c a tio n by add ing es tim a tes fo r new co u n trie s a n d refin ing ex isting e s tim a te s to b ring th e to ta l n u m b e r o f c o u n try cases to o v e r 60. T h e new cro ss-co u n try ev i dence confirm s a n d re in fo rces e a r lie r p a tte rn s , nam ely , th a t re tu rn s are h ighest fo r p rim ary education , th e general cu rricu la , th e ed u ca tio n o f w om en, an d cou n tries w ith th e low est p e r c a p ita in co m e. T h e find ings h av e im p o r ta n t im p lica tio n s fo r d irec tin g fu tu re in v e s tm e n t in ed u c a tio n w hich , fo r efficiency a n d eq u ity p u rp o ses, sh o u ld c o n c en tra te o n th ese p rio rity areas.
