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Education : past, present and future global challenges

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  • Patrinos, Harry Anthony
  • Psacharopoulos, George

Abstract

Progress in educational development in the world since 1900 has been slow and uneven between countries. Providing basic education for all children in developing countries has been and remains an unmet challenge of governments and international organizations alike. This is in sharp contrast to recent findings in the economics literature on the catalytic role of human capital for economic growth and social development in general. Using a newly constructed matched data set on education and national accounts in the 1950 to 2010 period, this paper estimates the loss of income and equity associated with not having a faster rate of human capital accumulation, using alternative methodologies and specific country examples. Such loss is projected backward (1900-1950) and forward (2010-2050) using plausible assumptions regarding what countries could have done in the past or may do in the future to accelerate human capital formation. The findings suggest that the welfare loss in terms of per capita income conservatively ranges from about 7 to 10 percent. Improved educational attainment is also shown to have an effect in reducing income inequality.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5616.

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Date of creation: 01 Mar 2011
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Handle: RePEc:wbk:wbrwps:5616

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Related research

Keywords: Education For All; Economic Theory&Research; Primary Education; Access&Equity in Basic Education; Achieving Shared Growth;

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References

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  1. Barro, Robert J. & Lee, Jong Wha, 2013. "A new data set of educational attainment in the world, 1950–2010," Journal of Development Economics, Elsevier, vol. 104(C), pages 184-198.
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  6. Daniel Cohen & Marcelo Soto, 2007. "Growth and human capital: good data, good results," Journal of Economic Growth, Springer, vol. 12(1), pages 51-76, March.
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  12. Norman Gemmell,, . "Evaluating the Impacts of Human Capital Stocks and Accumulation on Economic Growth: Some New Evidence," Discussion Papers 95/17, University of Nottingham, CREDIT.
  13. Jolliffe, Dean, 1998. "Skills, Schooling, and Household Income in Ghana," World Bank Economic Review, World Bank Group, vol. 12(1), pages 81-104, January.
  14. Lange, Fabian & Topel, Robert, 2006. "The Social Value of Education and Human Capital," Handbook of the Economics of Education, Elsevier.
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