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How Education Affet Economics Growth In Long Run

How Education affect the Economic Growth in long run?

                   

Rangsarn Saovaphudhasuvej
Student ID : 5182173926

Foundation of Economic
Master of Management in International Business
Chulalongkorn University
Introduction

Most of us believe as commonsense understanding that our country must have good schools and efficient education system in order to succeed in developing our economy. Anyway there is no such an evidences to link about what students learn in school to what subsequently happens in a nation’s economy.
This short paper is aimed to provide the reference information which has been researched for many years, it can help us get more understanding about how education affect the country’s economy. Then looking back at education status of our students, what is our position compare to the others and finally what we should consider in order to achieve sustainable economic growth.

Human Capital Indicator

Basically for the economists, they look at “school attainment” which is the average number of years students remain in school. Anyway by using average years of schooling as indicator of a country’s human capital has at least two major drawbacks. First, the approach assumes that students in diverse school systems around the world receive the same level of benefit from a year of schooling. A year of schooling in Thailand and a year of schooling in Japan are treated as equally productive. Second, this measure does not account for learning outside the classroom-within families, via the Internet.
As a result, a more direct measure of a country’s human capital is the performance of students on tests in math and science, something that might be called the average level of “cognitive skills” among those entering a country’s work force. In the past, internationally comparable information on student performance was not available for a sufficient number of countries over a long enough period of time to allow for systematic study, this...