Plato wrote: “If a man neglects education, he walks lame to the end of his life.” But it was really the Nobel winning economists that put the argument of education as investment. In a nutshell, the Human Capital Theory posits that investing in education has a payoff in terms of higher wages.Moreover, the theory and empirical estimates are backed up by current science, as explained by James Heckman.
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There must be better information for such student who don’t perform well and greater support networks to help them take on the challenges of completing their tertiary level education.
More information will also benefit students and families from disadvantaged backgrounds, who tend to overestimate benefits and underestimate costs.
Skills demanded by the labor market are changing One of the reasons for the change in the returns pattern is the race between technology and education, as labor markets adjust to automation.
In this new world, the ability of workers to compete is handicapped by the poor performance of education systems in most developing countries.
Neurogenesis tells us that learning can continue into advanced ages.
The relative costs and benefits to investments in older persons compared to younger persons differs.
There are more children in school today than ever before.
For example, in 1950 the average level of schooling in Africa was less than two years. In East Asia and the Pacific, the schooling of the population went from two to seven years between 19. Globally, average years of schooling are now projected to rise to 10 years by 2050.