Educational Attainment and Income Inequality in Southeast Missouri Kang H. Park Professor of Economics Southeast Missouri State University.

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Educational Attainment and Income Inequality in Southeast Missouri Kang H. Park Professor of Economics Southeast Missouri State University

Introduction  Human capital theory: –Educational spending is an investment because it increases worker productivity. –Human capital theory is used to explain income differentials.  This study examines the effects of educational variables on income and income inequality in Southeast Missouri, using the 2000 US census data covering 34 Southeast Missouri counties.  Gini index from B. Domazlicky’s 2005 article.

VariableMinimumMaximumMean Standard deviation EDMEAN (Pemiscot) (Pulaski) EDSD 2.52 (Miller) 3.61 (Pemiscot) EDCV (Camden) (Pemiscot) Household Income (HINCOME) $28,978 (Shannon) $47,221 (Camden) $36,170$4,578 Family Income (FINCOME) $11,492 (Shannon) $55,283 (Cape Girardeau) $41,401$5,329 Per Capita Income (CAPITA) $11,492 (Shannon) $20,197 (Camden) $14,520$1,768 Poverty Rate (POVERTY) 8.2 (Ste. Genevieve) 30.4 (Pemiscot) Gini Index (GINI) (Pulaski) (Pemiscot) Descriptive Statistics EDMEAN: Average years of schooling EDSD: Standard deviation of years of schooling EDCV: Coefficient of variation of years of schooling, EDSD/EDMEAN Gini Index (GINI): measure of income inequality

Southeast Missouri Data CountyedmeanedsdedcvpopHincomeFincomecapitapovertyGini Butler Bollinger Camden Cape_Girardeau Carter Crawford Dent Douglas Dunklin Howell Iron Laclede Madison Maries Miller Mississippi New_Madrid Oregon Ozark Pemiscot Perry Phelps Pulaski Reynolds Ripley StFrancois SteGenevieve Scott Shannon Stoddard Texas Whashington Wayne Wright

Dependent Variable: Income Per Capita IncomeHousehold IncomeFamily Income Intercept (-2.334)* (-2.015)*-58864(-2.311)* EDMEAN2690 (5.084)**6597 (4.723)**7881(4.714)** EDSD561 (0.565)442 (0.169)2540 (0.809) Adjusted R F-value Regression of income on education variables N=34 Numbers in parentheses are t-values. ** The variable is significant at the 0.01 level and * The variable is significant at the 0.05 level.

Dependent Variable Poverty Rate Gini Index Intercept289.81(6.206)** (5.518)**1.02 (2.305)*0.82 (1.841) LnCapita (-5.277)** (-5.784)**-0.08 (-1.415)-0.06 (-1.317) EDMEAN (-0.098) (-0.215) EDSD7.68 (3.603)**0.059 (2.905)** EDCV70.97 (3.826)**0.58 (3.339)** Adjusted R F Regression of income inequality on income and education variables N=34 LnCapita: natural logarithm of per capita income Numbers in parentheses are t-values. ** The variable is significant at the 0.01 level and * The variable is significant at the 0.05 level.

Summary  A higher levels of income and education have an equalizing effect on income distribution  The dispersion of schooling has a disequalizing effect on income distribution.  Both LnCapita and EDSD (or EDCV) are statistically significant in explaining the poverty rate.  only EDSD(or EDCV) can explain the Gini index well.