One of the biggest economic benefits of schooling are labor market earnings. For many people, education and experience are their only assets. This is why I believe that it’s very important to know the economic benefits of investments in schooling.
Investments in education and human capital have long been recognized as precipitators of future economic growth. Rapid development in Korea in the second half of the 20th century, for instance, has been traced by scholars back to high levels of investments in schooling and training, creating the enabling environment for industrialization and further specialization.
There is no doubt that commitment to education for economic development requires both long-term funding and the multiplying effects of time.
But what causes countries with similar levels of sustained spending to achieve vastly different outcomes? It's a question that burns in the minds and wallets of governments and development efforts around the world.