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The economic case for education

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  • Ludger Woessmann

Abstract

The case for education can be made from many perspectives. This paper makes the case for education based on economic outcomes. Surveying the most recent empirical evidence, it shows the crucial role of education for individual and societal prosperity. Education is a leading determinant of economic growth, employment, and earnings in modern knowledge-based economies. Ignoring the economic dimension of education would endanger the prosperity of future generations, with widespread repercussions for poverty, social exclusion, and sustainability of social security systems. Policy-makers interested in advancing future prosperity should particularly focus on educational outcomes, rather than inputs or attainment.

Suggested Citation

  • Ludger Woessmann, 2016. "The economic case for education," Education Economics, Taylor & Francis Journals, vol. 24(1), pages 3-32, February.
    • Handle: RePEc:taf:edecon:v:24:y:2016:i:1:p:3-32
    DOI: 10.1080/09645292.2015.1059801
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    References listed on IDEAS

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    1. Colm Harmon & Ian Walker & Niels Westergaard-Nielsen, 2001. "Introduction [to Education and earnings in Europe : a cross country analysis of the returns to education]," Open Access publications 10197/757, School of Economics, University College Dublin.
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    Cited by:

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    2. Albinowski, Maciej & Magda, Iga & Rozszczypała, Agata, 2023. "The Employment Effects of the Disability Education Gap in Europe," IZA Discussion Papers 15932, Institute of Labor Economics (IZA).
    3. Tolga Yuret, 2024. "Career paths of the International Mathematics Olympiad (IMO) medalists," Scientometrics, Springer;Akadémiai Kiadó, vol. 129(6), pages 3469-3491, June.
    4. Ludger Wößmann, 2020. "Folgekosten ausbleibenden Lernens: Was wir über die Corona-bedingten Schulschließungen aus der Forschung lernen können," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 73(06), pages 38-44, June.
    5. Jeromey B. Temple, 2018. "The Association between Stressful Events and Food Insecurity: Cross-Sectional Evidence from Australia," IJERPH, MDPI, vol. 15(11), pages 1-15, October.
    6. Pompei, Fabrizio & Selezneva, Ekaterina, 2021. "Unemployment and education mismatch in the EU before and after the financial crisis," Journal of Policy Modeling, Elsevier, vol. 43(2), pages 448-473.
    7. Driouchi, Ahmed & Harkat, Tahar, 2016. "Macroeconomic and School Variables to Reveal Country Choices of General and Vocational Education: A Cross-Country Analysis with focus on Arab Economies," MPRA Paper 73455, University Library of Munich, Germany.
    8. Stephen Hall & Janine Illian & Innocent Makuta & Kyle McNabb & Stuart Murray & Bernadette AM O’Hare & Andre Python & Syed Haider Ali Zaidi & Naor Bar-Zeev, 2021. "Government Revenue and Child and Maternal Mortality," Open Economies Review, Springer, vol. 32(1), pages 213-229, February.
    9. Yaroslav Kuzminov & Pavel Sorokin & Isak Froumin, 2019. "Generic and Specific Skills as Components of Human Capital: New Challenges for Education Theory and Practice," Foresight and STI Governance (Foresight-Russia till No. 3/2015), National Research University Higher School of Economics, vol. 13(2), pages 19-41.
    10. Sarah Gust, 2024. "(Not) Going to School in Times of Climate Change: Natural Disasters and Student Achievement," ifo Working Paper Series 413, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    11. Pierre LESUISSE, 2024. "Education, public expenditure and economic growth under the prism of performance," Working Papers of BETA 2024-10, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    12. Bonin, Holger, 2017. "The Potential Economic Benefits of Education of Migrants in the EU," IZA Research Reports 75, Institute of Labor Economics (IZA).
    13. Pierre Lesuisse, 2022. "Education, public expenditure and economic growth under the prism of performance," Working Papers hal-03685311, HAL.

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