“We can't afford our kids to be mediocre at a time when they're competing against kids in China and kids in India who are actually in school about a month longer than our kids”; Barak Obama.
There has been a great deal of discussion about the decline of education in the US and its possible impact on the US Economy. In fact Alan Greenspan in his book “The Age of Turbulence” writes about the economic consequences of a weak education system:
“A dysfunctional U. S. elementary and secondary education system has failed to prepare our students sufficiently rapidly to prevent a shortage of skilled workers and a surfeit of lesser-skilled ones, expanding the pay gap between the two groups. Unless America’s education system can raise skill levels as quickly as technology requires, skilled workers will continue to earn greater wage increases, leading to ever more disturbing extremes of income concentration.”
There are some important points which need to be noted by policy makers worldwide, about the economic impact of education.
It is very strongly believed that the rise of the US economy to its present state of pre-eminence is due to the fact that its workforce is one of the most educated with at least 85% of adult Americans having at least a high school degree.
In fact it is strongly argued that investment in education can have long term benefits like increase in GDP. Two leading researchers in the economics of education, Claudia Goldin and Lawrence Katz, have published a paper which covers this view “The Legacy of U.S. Educational Leadership: Notes on Distribution and Economic Growth in the Twentieth Century.”
http://www.economics.harvard.edu/faculty/goldin/files/legacyaea.pdf
Not only has education impacted the GDP, US data shows that at the personal level, the longer a person stays in school the more he earns. Persons with less than a school diploma are likely to earn about $ 426 weekly while those with a bachelor’s degree are likely to earn upwards of $ 978 weekly.
http://www.bls.gov/emp/emptab7.htm
The Bureau of Labor Statistics also projects that through 2014 over half of all new jobs in the US will require at least some college. Of the 30 fastest growing jobs through 2014, four out of five will require some postsecondary education or training. It is estimated that by 2020, the US may face a shortage of more than 14 million workers with these skills
For countries aspiring to raise the living standards of its people, focus on education is a key.
The foundation of every state is the education of its youth.
Diogenes Laertius
There has been a great deal of discussion about the decline of education in the US and its possible impact on the US Economy. In fact Alan Greenspan in his book “The Age of Turbulence” writes about the economic consequences of a weak education system:
“A dysfunctional U. S. elementary and secondary education system has failed to prepare our students sufficiently rapidly to prevent a shortage of skilled workers and a surfeit of lesser-skilled ones, expanding the pay gap between the two groups. Unless America’s education system can raise skill levels as quickly as technology requires, skilled workers will continue to earn greater wage increases, leading to ever more disturbing extremes of income concentration.”
There are some important points which need to be noted by policy makers worldwide, about the economic impact of education.
It is very strongly believed that the rise of the US economy to its present state of pre-eminence is due to the fact that its workforce is one of the most educated with at least 85% of adult Americans having at least a high school degree.
In fact it is strongly argued that investment in education can have long term benefits like increase in GDP. Two leading researchers in the economics of education, Claudia Goldin and Lawrence Katz, have published a paper which covers this view “The Legacy of U.S. Educational Leadership: Notes on Distribution and Economic Growth in the Twentieth Century.”
http://www.economics.harvard.edu/faculty/goldin/files/legacyaea.pdf
Not only has education impacted the GDP, US data shows that at the personal level, the longer a person stays in school the more he earns. Persons with less than a school diploma are likely to earn about $ 426 weekly while those with a bachelor’s degree are likely to earn upwards of $ 978 weekly.
http://www.bls.gov/emp/emptab7.htm
The Bureau of Labor Statistics also projects that through 2014 over half of all new jobs in the US will require at least some college. Of the 30 fastest growing jobs through 2014, four out of five will require some postsecondary education or training. It is estimated that by 2020, the US may face a shortage of more than 14 million workers with these skills
For countries aspiring to raise the living standards of its people, focus on education is a key.
The foundation of every state is the education of its youth.
Diogenes Laertius
1 comment:
Its not the problem only with US, its worldwide issue. Quality of education in real terms of value is going down. This is directly affecting our thought process in every aspect of our life. Melania has given good example on this.
Be it a business decision, laws, social behaviour or any family matter; somehow many of us are not able to think beyond materialistic results. Such as if business success is misunderstood with profits made, sooner or later its competitiveness will decline. This is what is happening nowdays.
...Anand
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