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Over the past 200 years, the education systems have developed into significant economic growth and prosperity engines, state and community building, and social progress.
By developing the knowledge, skills, attitudes and values on which societies rely, forging social cohesion and preparing people to become and remain competent workers and active citizens, education has shaped the world we live in today: In particular, the expansion of education and the increased supply of skilled workers and citizens have fostered democracy, the emergence of inclusive social and economic institutions, and the transformation to innovation-oriented knowledge societies. [1]
Education has become one of the clearest indicators of life outcomes such as employment, income and social status, and is a strong predictor of attitudes and wellbeing [2].
Economically prosperous countries will hold competitive and comparative advantages over other economies, though a single country rarely specializes in a particular industry. A typical developed economy will include various industries with different competitive advantages and disadvantages in the global marketplace. The education and training of a country’s workforce is a significant factor in determining how well the country’s economy will perform.
Economic growth is strongly affected by the skills of workers. What people know matters.[3]
Reference
[1] Building the future of education, OECD, 2021 [2] The wellbeing effect of education, Evidence Briefing 2014 [3] Eric A. Hanushek and Ludger Woessmann: Education and Economic Growth, 2010, Economics of EducationLucubrate Magazine January 2022
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