Does Education matter?
In her book (Alison Wolf), Does Education Matter? Myths about Education and Economic
Growth, she questioned the widespread view that higher public expenditure on
education would increase economic growth. Instead, the causality ran in the
opposite direction.
From Antifragile....Serious empirical investigation (largely thanks to one Lant Pritchett, then a World Bank Economist) shows no evidence that raising the general level of education raises income at the country level.
Is it possible that education is very profitable on the individual level but doesn't make a difference in the GDP of one country? Does this make sense?
facts:
1.There is no relationship between progress in education and the economic performance of countries. It could even be the opposite, get rich first and then put people in schools.
2.lawyers are the best paid profession in USA. If one individual takes law school it's possible that that person gets ahead vs someone that doesn't take law. But if everybody takes law the benefits would disappear (Scarcity matters).
3.It's clear that since many colleges sort and pick the best, when they are out of college they are still the best. There is no evidence that school can pick a stupid/dumb guy and turn him into a smart guy.
4.Education today is an acceptable way of ranking people before entering active life. Companies use this tool as the only one tool. To be picked it's better to be a good student
5.Some of the best people i came across in my 26 years of professional life are not very articulate. They are not a good company for a nice dinner, but they are doers. They execute and they are the best in their job. If i asked them how they do what they do they can't explain. If i asked them anything outside their field they are clueless. They may never read a book!
6.Some very educated people with lot of diplomas & degrees are a very good company for a dinner/party but can't do a practical job. They can say how to do a job but but can't execute.
7.From what we know is equally necessary to have a workforce with basic skills (maths & language) or a workforce with college graduates.
8.People with college degree have less unemployment.
My Conclusion (The judge is still out):
To have good marks & a degree makes a difference because education is a tool to be chosen for the best positions. It's not clear that the guy with a diploma will do a better job than someone without a degree. For society it doesn't make sense to pay for higher education. A country that invests heavily on education might not have a payoff in growth, they are not related.
more about Education
http://thoughtmeme.blogspot.pt/2013/06/what-is-formal-education-for.html
1.There is no relationship between progress in education and the economic performance of countries. It could even be the opposite, get rich first and then put people in schools.
2.lawyers are the best paid profession in USA. If one individual takes law school it's possible that that person gets ahead vs someone that doesn't take law. But if everybody takes law the benefits would disappear (Scarcity matters).
3.It's clear that since many colleges sort and pick the best, when they are out of college they are still the best. There is no evidence that school can pick a stupid/dumb guy and turn him into a smart guy.
4.Education today is an acceptable way of ranking people before entering active life. Companies use this tool as the only one tool. To be picked it's better to be a good student
5.Some of the best people i came across in my 26 years of professional life are not very articulate. They are not a good company for a nice dinner, but they are doers. They execute and they are the best in their job. If i asked them how they do what they do they can't explain. If i asked them anything outside their field they are clueless. They may never read a book!
6.Some very educated people with lot of diplomas & degrees are a very good company for a dinner/party but can't do a practical job. They can say how to do a job but but can't execute.
7.From what we know is equally necessary to have a workforce with basic skills (maths & language) or a workforce with college graduates.
8.People with college degree have less unemployment.
My Conclusion (The judge is still out):
To have good marks & a degree makes a difference because education is a tool to be chosen for the best positions. It's not clear that the guy with a diploma will do a better job than someone without a degree. For society it doesn't make sense to pay for higher education. A country that invests heavily on education might not have a payoff in growth, they are not related.
more about Education
http://thoughtmeme.blogspot.pt/2013/06/what-is-formal-education-for.html
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