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A quantitative look at the economic impact of the European Union’s educational goals

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  • Eric A. Hanushek
  • Ludger Woessmann

Abstract

This paper quantifies the economic benefits of educational improvement covered by the educational goals of the European Union, providing disaggregated projections for each of the EU countries and comparative economic results for alternative policy goals. Increased student achievement by 25 PISA points across the EU would be expected to add €71 trillion in present value to EU GDP over the status quo. By contrast, the more limited EU goal of reducing low achievement to 15 percent by country would have an impact of only €5 trillion. Central to the analysis is careful attention to the dynamics of educational reform.

Suggested Citation

  • Eric A. Hanushek & Ludger Woessmann, 2020. "A quantitative look at the economic impact of the European Union’s educational goals," Education Economics, Taylor & Francis Journals, vol. 28(3), pages 225-244, May.
    • Handle: RePEc:taf:edecon:v:28:y:2020:i:3:p:225-244
    DOI: 10.1080/09645292.2020.1719980
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    Cited by:

    1. 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.
    2. Daniela Cristina Momete & Manuel Mihail Momete, 2021. "Map and Track the Performance in Education for Sustainable Development across the European Union," Sustainability, MDPI, vol. 13(23), pages 1-14, November.
    3. Kosor Maja Mihaljević, 2023. "Sustainable Development Goals and Higher Education: An Efficiency Analysis," Naše gospodarstvo/Our economy, Sciendo, vol. 69(3), pages 12-23, September.
    4. Gust, Sarah & Hanushek, Eric A. & Woessmann, Ludger, 2024. "Global universal basic skills: Current deficits and implications for world development," Journal of Development Economics, Elsevier, vol. 166(C).
    5. Maria-Chiara Morandini & Anna Thum-Thysen & Anneleen Vandeplas, 2020. "Facing the Digital Transformation: Are Digital Skills Enough?," European Economy - Economic Briefs 054, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.

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