A Waste of Time? (Private Rates of Return to Higher Education in the 1990s)

Since 1990, there has been considerable debate concerning the benefits of the expansion of higher education and the appropriate way to fund such an expansion. This paper demonstrates that three factors are decisive to the individual contemplating higher education: national economic growth; the relative earnings of graduates and non-graduates; the difference between the average and the marginal student. The results, of analysis based on rates of return, reaffirm the view that a proportion of the costs involved in higher education can be transferred to the graduates themselves in the form of loans. However, there appear to be limits to the costs that can be transferred if all students are to judge that undergraduate study is a worthwhile proposition. Notwithstanding this, most students could be lent more income to study than is now the case and indeed an average student would be advised to take any loans despite the greater debt. Marginal students, however, are making a risky private investment and, therefore, any decisions to further expand may result in students not taking up the places.     

COUNSELLING AND TOLERANCE

The author of this essay is the Minister for Education and Human Resources of Malta. It serves as a welcoming speech for the participants in the conference. The significance of 1995 as the International Year for Tolerance is outlined. The need for tolerance in all societies is explained as is the need for education for tolerance in schools.     

天堂波多黎各

Standing on the white sands of Red Beach,it's hardto believe that US Navy bombers ever droned overthe surf on their way to drop explosives nearby.The beach,a semicircle(半圆形) of stark cliffs andswaying palms surrounding a sparkling azure sea,is asperfect a picture of paradise as the wallpaper in a 1970srumpus(喧闹) room。Silence is broken only by the