Chapter 25: Knowledge capital and economic growth
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The simple perspective in this analysis is that the long-run economic outcomes for countries are directly related to the skills of society. And, enhanced economic mobility and improved distribution of income depend crucially on the level and distribution of skills. The primary impact comes from the relationship of skills to economic growth, although it is important to measure skills appropriately. When skills are measured in terms of knowledge capital – the aggregate cognitive skills of the population – the importance of high-quality schooling becomes clear. In order to provide direct evidence of the importance of knowledge capital, this chapter projects the economic benefits of an overall increase in achievement and of a move towards universal basic skills. The results of these projections show dramatically the dependence of the economy on the improvement of schools.

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