TAILIEUCHUNG - Economic Returns to Investment in Education

Member States' performance is set to differ strongly this year and next. Heterogeneity in GDP and employment developments results from varying adjustment needs following the imbalances in the run-up to the crisis. In particular, the health of banking sectors and public finances as well as private debt and external deficits differ considerably across countries. While being low for the EU as a whole, financing costs have continued to diverge across Member States. However, due to the pervasive interconnections within the EU and especially the euro area, no country is expected to power ahead in. | CHAPTER 2 Economic Returns to Investment in Education The main conclusion of the previous chapter is that the MENA region has invested heavily in education over the past few decades and as a consequence has improved the level quantity and quality of human capital. The question to be addressed in this chapter is what the development outcomes of this investment have been. In other words have improvements in human capital contributed to economic growth better income distribution and less poverty in MENA countries The discussion is organized in three sections the first covers the relationship between education and economic growth the second addresses the relationship between education and income distribution and the third section examines the relationship between education and poverty. In each section we elaborate the arguments for the kind of relationship that should exist explore whether that relationship holds in the MENA region and offer alternative explanations when it does not. Education and Economic Growth Per capita economic growth in the MENA region in the past 20 years has been relatively low in part because of high population growth rates and in part because many MENA countries still depend on oil exports for economic growth and oil prices remained relatively low through the 1980s 1990s and early 2000s. In addition the region generally lacks significant dynamic sectors that can compete internationally and is home to large informal labor markets mainly in low-level services. These characteristics contrast sharply with East Asia and the more dynamic economies of Latin America. Under these conditions we would not expect to see a strong relationship in the MENA region as a whole between investment in human cap-ital especially investment in secondary and tertiary education and 39 40 The Road Not Traveled economic growth. This turns out to be the case. Thus the MENA experience brings home the idea that investment in human capital does not by itself generate .

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