The State of the art on the relationship between education and economic Development
Keywords:
Education, Economic development, productivity, Technological learning, Targeted policiesAbstract
This paper focuses on reviewing the state of the art of the relationship between the education and the economic development. Education is only an indirect contributor through technological learning in companies and their R&D. More schooling does not equal sudden higher development. Elite education leads to major inequality in the job market. On the other hand, education can increase social capital, knowledge capital and productivity of business organizations. The paper concludes that education policies in developing countries would be more effective if it is adopted greater flexibility to choose from a wider range of policy options that are well established in the literature. A taxonomy is presented to integrate those policy options to targeted domestic development policies.
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