This article is an interesting overview on the tie in between education and economic growth.
The idea is that education alone is not the answer because if it were, there would be way more results in countries where education has been promoted and extended and yet, we do not see the increases in economic growth following that pattern. It also points out the short-sightedness of education as the growth strategy as it would only truly benefit those under 18 or younger than 25, at best. For those of us who are older and not in the mindset of schooling, how could it help us to get more education, especially with the cost of higher education here in the US particularly?
I thought this article was going to address the rising cost of higher education in the US or at least reference it - but it did not. However, it does quote that , "At most modern firms, fewer than 15% of the positions are open for entry-level workers, meaning that employers demand something that the education system cannot - and is not expected - to provide."
This ties back to a higher-ed viewpoint of firms looking to hire employees. It does not really relate to the immense number of economies that have increased schooling to the high school level.
The article provides per capita income for the average country with at least ten years of schooling of $30000USD in 2010 but that same level of education had per capita income of $5000USD in Albania, Armenia and Sri Lanka. Or course, it does not clarify if this figure is adjusted for local cost of living - so what does $5000USD provide you with in these economies? But, it does still show a lower GDP and thus a lower growth that is stopping these countries from becoming richer.
I feel more research can be done on this topic - I found the article enlightening and it led me to more questions so maybe one day I will write a follow up on this topic.
What do you think about this article? Do you think education is a key to economic growth? What do you think are the key(s) to economic growth?
Does Better Education Really Drive Economic Growth
Lisa Vento Nielsen