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Education as a Long†Term Investment: The Decisive Role of Age in the Education†Growth Relationship

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  • Gabriele Marconi

Abstract

Using a dataset for a panel of 118 countries, this paper shows that changes in the level of education of national populations aged 45 to 64 are positively associated with economic growth. An increase of one percentage point in the share of individuals in this age group who attended secondary education is associated with a 1.2% increase in GDP per capita. In contrast, variation in the level of education in younger cohorts is not positively associated with economic growth. These results suggest that investment in education benefits society, but only in the long†term. Several possible explanations for this finding are discussed.

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  • Gabriele Marconi, 2018. "Education as a Long†Term Investment: The Decisive Role of Age in the Education†Growth Relationship," Kyklos, Wiley Blackwell, vol. 71(1), pages 132-161, February.
    • Handle: RePEc:bla:kyklos:v:71:y:2018:i:1:p:132-161
    DOI: 10.1111/kykl.12165
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    Cited by:

    1. Valero, Anna & Van Reenen, John, 2019. "The economic impact of universities: Evidence from across the globe," Economics of Education Review, Elsevier, vol. 68(C), pages 53-67.
    2. Anna Balestra & Raul Caruso, 2024. "Education and Military Expenditures: Countervailing Forces in Designing Economic Policy. A Contribution to the Empirics of Peace," DISCE - Quaderni del Dipartimento di Politica Economica dipe0035, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    3. Stijn Baert & Sunčica Vujić & Simon Amez & Matteo Claeskens & Thomas Daman & Arno Maeckelberghe & Eddy Omey & Lieven De Marez, 2020. "Smartphone Use and Academic Performance: Correlation or Causal Relationship?," Kyklos, Wiley Blackwell, vol. 73(1), pages 22-46, February.
    4. Raul Caruso & Anna Balestra, 2022. "Should education and military expenditures be combined for government economic policy?," Economics of Peace and Security Journal, EPS Publishing, vol. 17(1), pages 37-54, April.
    5. Wenyuan Li & Mohammed Abubakari Sadick & Abdul-Aziz Ibn Musah & Salisu Mustapha, 2018. "The Moderating Effect of Social Innovation in Perspectives of Shared Value Creation in the Educational Sector of Ghana," Sustainability, MDPI, vol. 10(11), pages 1-26, November.
    6. Kanat Abdulla, 2021. "Corrosive effects of corruption on human capital and aggregate productivity," Kyklos, Wiley Blackwell, vol. 74(4), pages 445-462, November.
    7. Timur Natkhov & Leonid Polishchuk, 2019. "Quality of Institutions and the Allocation of Talent: Cross‐National Evidence," Kyklos, Wiley Blackwell, vol. 72(4), pages 527-569, November.

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