Harry thank you yet again for interesting analysis on the public/private return to investment in the education sector. Your blogs are always thought provoking. However on this occasion as the application of your RoI approach to higher education funding not massively undervalued the public good (rather return of investment) of higher education a more sociological rather than economic (roI) analysis would show a wide range or correlated social gains in societies which have higher level of higher education graduates including better health outcomes, reduced crime and violence, potentially higher tax revenues (based on higher graduate earning). An purely economic approach to place a value on something as complex as the social transactions related to education can limits are understanding but when combined with other forms of analysis it can be very informative. One key example in your blog you state "High returns to tertiary education may be the result of increased regressive funding, whereby the poorer finance the education of the rich. For society, it is much better to improve cost-recovery and use future earnings to finance current higher education." This leads me to make a point I have made on your pervious blog which is a redistribute progress tax system would ensure the access to higher education does not involve the poor subsidies the rich but would promote great social equality. Thank John C.