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Education, Innovation and Economic Growth

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  • Jeffrey M. Lacker

Abstract

Innovation is the primary driver of long-run economic growth, and human capital is a key driver of innovation. New innovations recently have tended to increase the demand for skilled workers, leading to higher wages for them. But, in general, as the higher wages spur more people to obtain the necessary education, the supply of skilled workers responds to the demand, and the wage differential narrows. The increase in the college premium over the past several decades suggests that we are not keeping pace with the economy’s demand for skilled workers. Strategies to increase human capital investment include providing students with more information about college preparedness; informing them about multiple career and educational options; and laying a foundation with early childhood education. A comprehensive approach to human capital investment is essential to our nation’s prosperity and to providing workers with the skills to share in that prosperity.

Suggested Citation

  • Jeffrey M. Lacker, 2015. "Education, Innovation and Economic Growth," Speech 101557, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:r00034:101557
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    File URL: https://www.richmondfed.org/press_room/speeches/jeffrey_m_lacker/2015/lacker_speech_20150210
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