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The ten chapters presented in this monograph were originally presented at the conference of the Applied Econometrics Association, Maastricht in May, 1997. This publication seeks to contribute to the scientific knowledge base regarding the economic impact of education and training. The emphasis in the contributions is on the returns of education and training. Problems regarding the functioning of the labour market and unemployment are also addressed. This book is organised into three broad parts. The first part, 'Education', contains the following chapters: On returns to education: wandering along the hills of ORU Land / Joop Hartog; A stochastic dynamic programming model of education choices in Sweden / Christian Belzil and Jorgen Hansen; The choice of a discipline at university: risk versus returns / Denis Rochat and Jean-Luc Demeulemeester; The effects of school quality on pupil outcomes: an overview / Peter Dolton and Anna Vignoles; On trickling chimneys and other unemployment misery / Adriaan van Zon, Huub Meijers and Joan Muysken. The second part, 'Training', contains these chapters: Mismatch between occupation and education and the costs and benefits of job-related training / Patrick van Eijs and Hans Heijke; Over/undereducation and specific training in Spain: complementary or substitute components of human capital? / Pilar Beneito, Javier Ferri, Maria Luisa Molto and Ezequiel Uriel; Vocational training and the poaching externality: evidence for France / Laetitia Hocquet; Technological change and skill obsolescence: the case of German apprenticeship training / Doris Blechinger and Friedhelm Pfeiffer. The third part, 'Perspectives', contains one chapter: Technology, globalisation and employment: analytical and policy challenges / Luc Soete.