The importance of education is emphasized by society
Short Essay on the Importance of Education
The importance of education is emphasized by society. However, the role of improved schooling, a central part of most development strategies, has become controversial because expansion of school attainment has not guaranteed improved economic conditions. This paper reviews the role of education in promoting economic well-being, with a particular focus on the role of educational quality. It concludes that there is strong evidence that the cognitive skills of the population – rather than mere school attainment – are powerfully related to individual earnings, to the distribution of income, and to economic growth. New empirical results show the importance of both minimal and high level skills, the complementarity of skills and the quality of economic institutions, and the robustness of the relationship between skills and growth. International comparisons incorporating expanded data on cognitive skills reveal much larger skill deficits in developing countries than generally derived from just school enrollment and attainment. The magnitude of change needed makes clear that closing the economic gap with developed countries will require major structural changes in schooling institutions.
The Importance of Education | Education
The Hamilton Project, an economic-policy group at the Brookings Institution, released a paper in September titled to help illustrate the growing importance of education on Americans' wellbeing. We found that although the benefits of education have increased over time, measures of educational attainment and achievement have stagnated, meaning that many of our nation's young people are not receiving the skills they need to thrive in the modern economy.