Education - Economics and Education

Economics and Education

It has been argued that high rates of education are essential for countries to be able to achieve high levels of economic growth. Empirical analyses tend to support the theoretical prediction that poor countries should grow faster than rich countries because they can adopt cutting edge technologies already tried and tested by rich countries. However, technology transfer requires knowledgeable managers and engineers who are able to operate new machines or production practices borrowed from the leader in order to close the gap through imitation. Therefore, a country's ability to learn from the leader is a function of its stock of "human capital". Recent study of the determinants of aggregate economic growth have stressed the importance of fundamental economic institutions and the role of cognitive skills.

At the individual level, there is a large literature, generally related back to the work of Jacob Mincer, on how earnings are related to the schooling and other human capital of the individual. This work has motivated a large number of studies, but is also controversial. The chief controversies revolve around how to interpret the impact of schooling.

Economists Samuel Bowles and Herbert Gintis famously argued in 1976 that there was a fundamental conflict in American schooling between the egalitarian goal of democratic participation and the inequalities implied by the continued profitability of capitalist production on the other.

Read more about this topic:  Education

Other articles related to "economics, economic, economics and education":

Welfare Economics
... Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium within an economy ... It analyzes social welfare, however measured, in terms of economic activities of the individuals that compose the theoretical society considered ... Accordingly, individuals, with associated economic activities, are the basic units for aggregating to social welfare, whether of a group, a community, or a society, and there ...
George Wallace - Governor of Alabama - Economics and Education
... He also initiated a junior college system that has now spread throughout the state, preparing many students to complete four-year degrees at Auburn University, UAB, or the University of Alabama ... The community college in Andalusia is named for Wallace's first wife, Lurleen Burns Wallace ...
Economics - Criticisms - Criticisms of Assumptions
... Economics has been subject to criticism that it relies on unrealistic, unverifiable, or highly simplified assumptions, in some cases because these assumptions simplify the ... The field of information economics includes both mathematical-economical research and also behavioral economics, akin to studies in behavioral psychology ... such as Keynes and Joskow have observed that much of economics is conceptual rather than quantitative, and difficult to model and formalize quantitatively ...
Pakistani-Americans - Economics and Education - Labour
... The New York Times estimated that there were 109,300 workers born in Pakistan in all occupations in the US in 2007 ... With the top 10 occupations in ascending order being sales-related, managers and administrators, drivers and transportation workers, doctors, accountants and other financial specialists, computer software developers, scientists and quantitative analysts, engineers and architects, clerical and administrative staff, and teachers ...
Lagrange Multiplier - Applications - Economics
... Constrained optimization plays a central role in economics ... The Lagrange multiplier has an economic interpretation as the shadow price associated with the constraint, in this example the marginal utility of income ...

Famous quotes containing the words economics and, education and/or economics:

    Religion and art spring from the same root and are close kin. Economics and art are strangers.
    Willa Cather (1876–1947)

    Nature has taken more care than the fondest parent for the education and refinement of her children. Consider the silent influence which flowers exert, no less upon the ditcher in the meadow than the lady in the bower. When I walk in the woods, I am reminded that a wise purveyor has been there before me; my most delicate experience is typified there.
    Henry David Thoreau (1817–1862)

    There is no such thing as a free lunch.

    An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)