Prospects for Education Policy in Europe

Seppo Honkapohja and Frank Westermann
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Frank Westermann: EEAG

Chapter 13 in Designing the European Model, 2009, pp 447-468 from Palgrave Macmillan

Abstract: Abstract Does education matter or is it just a consumption good like other goods? There is a large consensus among economists that education is an important productive input into the wealth of a nation. For years, people have consistently shown that education enhances individual productivity, which shows up in higher wages by 5 to 10 per cent per extra year of education.1 And, when one tries to explain why some countries are richer than others, the rate of secondary enrolment comes out as one of the most robust determinants.2 Education is an investment: by increasing the total labour input that individuals supply to the market, it boosts GDP per capita and living standards. Furthermore, it is also widely considered that an educated workforce is a valuable asset at times of rapid technological change, because educated workers are better at adopting new technologies.3

Keywords: Rapid Technological Change; Secondary Enrolment; Total Labour Input; Important Productive Input (search for similar items in EconPapers)
Date: 2009
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Working Paper: Prospects for education policy in Europe (2006)
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DOI: 10.1057/9780230236653_14

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