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Young people experience lower employment, income and participation rates, as well as higher unemployment, compared to adults. Theory predicts that people respond to labor market information. For more than 50 years, researchers have reported on the patterns of estimated returns to schooling across economies, but the estimates are usually based on compilations of studies that may not be strictly comparable. The authors create a dataset of comparable estimates of the returns to education.

The data set on private returns to education includes estimates for 142 economies from 1970 to 2014 using 853 harmonized household surveys. This effort holds the constant definition of the dependent variable, the set of controls, sample definition and the estimation method for all surveys.

The authors estimate an average private rate of return to schooling of 10%. This provides a reasonable estimate of the returns to education and should be useful for a variety of empirical work, including critical information for youth.

This is the first attempt to bring together surveys from so many countries to create a global data set on the returns to education.

Truth matters; and the norms associated with a democratic society, such as the common good, responsibility, ethics, and civic engagement, are under attack with the emergence of the post-truth society. There are concerns worldwide that public education is failing us on pushing back on disinformation. Schools are not seen as developing skills that permit students to adequately differentiate truth from nontruths. In this context, the education system also faces some unprecedented challenges. The quality of education in most of the world is low, and only slowly improving. Also, future workers are concerned with automation's threat – or perceived threat – to jobs. In most countries, education systems are not providing workers with the skills necessary to compete in today's job markets. The growing mismatch between demand and supply of skills holds back economic growth and undermines opportunity. At the same time, the financial returns to schooling are high in most countries, and growing skill premiums are evident in much of the world. Schooling remains a good economic and social investment, and there are record numbers of children in school today. The skills that matter in the coming technological revolution are likely the same as what is needed in a media environment of disinformation. More and better education, and noncognitive skills, will not only prepare students for the future world of work; they will also prepare them to navigate the increasingly complex post-truth society. They will be able to detect fake news – or deliberate disinformation spread through news or online media. It will also allow young people to gain trust. In other words, better education is democratizing, to the extent that it promotes truth, values, and civic engagement.