July 29, 2011 Leave a comment
The following is a news digest from an event hosted by Wilson Center on the Hill and the Program on America and the Global Economy.
Education can play an integral role in development and economic growth internationally. Many studies have shown that an increase in education can result in higher productivity and earnings, as well as decreased crime and infant mortality. At a Wilson Center on the Hill event on Friday, June 17 titled “Bullets to Books: The Role of Education in Development and What the U.S. Can Do,” panelists discussed the relationship between education, development and economic growth. The panelists also touched on current USAID education initiatives. Kent Hughes, Director of the Program on America and the Global Economy at the Wilson Center, moderated and opened the conference with a brief introduction of the panelists.
After introductions from Hughes, Harry Patrinos, Lead Education Economist for the Education Human Development Network at the World Bank, began by discussing the economic benefits of education. He noted that education is key to achieving the Millennium Development Goals and that currently over two trillion dollars are spent each year on education around the world. He also discussed Learning for All, the World Bank’s new education strategy, and its three messages: investing early, investing smartly, and investing for all. This will also launch their program on benchmarking education systems. Patrinos analyzed the economic benefits of education from both the microeconomic and macroeconomic perspectives. He noted that at the individual level, “a year of schooling increases earnings on the order of ten percent a year, on average, and perhaps as high as twenty percent in the poorest countries in the world.” Read more of this post