Economics of Education

ECONOMICS OF EDUCATION 7

Economicsof Education

Economicsof Education: Annotated Bibliography

ResearchQuestion:What are the implications of graduation rates on economic growth in acountry?

Castelló-Climent,A., &amp Hidalgo-Cabrillana, A. (2012). The role of educationalquality and quantity in the process of economic development.Economicsof Education Review,31(4),391-409.

Mainpoints:The article investigates the contribution of educational quantity andquality in enhancing economic development. The authors recognize thatdifferent levels of education offer various forms of knowledge thatsupports economic growth.

Methods:The authors surveyed cross-country data on educational policies,quality, and its contribution towards socio-economic growth.

Fact:High quality education has potential to enhance skills attainment andproductivity of the workforce.

Comments:Human capital growth and composition is influenced by the quality ofeducation. Much as students attain education during their growth, itis essential to examine the acquisition of both quality and quantityskills.

Heckman,J., &amp Yi, J. (2012). Humancapital, economic growth, and inequality in China(No. w18100). National Bureau of Economic Research.

Mainpoints:Heckman and Yi (2012) examine the factors contributing to China’seconomic growth and implications of changes in the labor market. Thecountry’s government has made considerable efforts aimed atproducing quality workforce with the right knowledge.

Fact:China has experienced high demand for skilled labor force over thelast one decade. It was also revealed that egalitarian access toskilled education has contributed to inequality.

Method:The authors reviewed data available on medium skilled labor, economicreforms, and growth. Heckman and Yi (2012) considered variables suchas disposable income, education access, and GDP.

Comments:Thearticle calls for uniform and expanded access to all levels ofeducation to reduce inequalities as well as create multiple cadres ofemployees.

Holland,D., Liadze, I., Rienzo, C., &amp Wilkinson, D. (2013). Therelationship between graduates and economic growth across countries.Retrieved October 6, 2016, from National Institute of Economic andSocial Research

Mainpoints:The authors explore the significance of higher education onproductivity and long-term impacts to economic growth. The increasingchanges in the world necessitate for better and improved knowledge toattain positive economic goals.

Facts:Investment in tertiary education is a key step towards attaining theprerequisite knowledge and competencies. Over the last decades, GDPper employment hour increased in many nations. It was also evidentthat tertiary education contributed significantly towards GDP growthsince graduates have better skills that contribute to positiveproductivity levels.

Method:The authors sampled developed countries using parameters such as GDP,employment hour, investment, and size of labor force. The informationwas obtained from OECD and UNCTADfor the period 1982 – 2005.

Comments:The authors recognize the importance of investing in tertiaryeducation to enhance learners’ skills and competencies.The number of graduate employees continues to increase as governmentsencourage investment in tertiary education.

Kreishan,F., &amp Al Hawarin, I. (2011). Education and economic growth inJordan: Causality test.International Journal of Economic Perspectives, 5(1),45-53.

Mainpoints:Kreishan and Al Hawarin (2011) seek to examine the effects ofeducation on education growth in Jordan. The study covered 1978-2007period to help generate important findings that can inform policyformulation.

Methods:The measurement for the effects was done using time seriesapproaches, namely unit root, cointegration, and causality based.

Fact:Education has positive contribution towards economic growth inJordan.

Comments:Educated workforce in Jordan is better placed to influence enviableeconomic policies. Jordan should enhance its educational policiesemulate the intended economic goals.

Rae,D. (2010). Universities and enterprise education: Responding to thechallenges of the new era.Journal of Small Business and Enterprise Development, 17(4),591-606.

Mainpoint:The article aims at examining the influences that can contributebetter understanding of university and enterprise education inaddressing the socio-economic challenges in the world. The authorexplores the changes in learning and implications on the new era ofentrepreneurship.

Method:The article surveyed information from entrepreneurs, students, andeducational administrators.

Fact:Socio-cultural movements contribute to changes in the nature ofentrepreneurship.

Comment:The new of entrepreneurship requires a relook on higher education tomirror the changes in the world.

UkwuezeEzebuilo R, Nwosu Emmanuel, O. (2014). Does higher education reducepoverty among youths in Nigeria?Asian Economic and Financial Review, 4(1),1-19.

Mainpoints:The article aimed at exploring the importance of education andeducational policies in their contribution towards reducing povertyrates. The authors recognize that higher education among the youthscan enhance mitigation against poverty.

Fact:According to the authors, poverty remains a challenge in Nigeria,with close to 70 percent of citizens categorized as poor.

Methods:Propensity score matching and Logistic regressions were used inexploring the effects of education on poverty. Data was gathered from2004 National Living Standard Survey.

Comment:The Nigerian government should promote higher education among theyouths to reduce the high poverty levels in the country.

References

Castelló-Climent,A., &amp Hidalgo-Cabrillana, A. (2012). The role of educationalquality and quantity in the process of economic development.Economicsof Education Review,31(4),391-409.

Heckman,J., &amp Yi, J. (2012). Humancapital, economic growth, and inequality in China(No. w18100). National Bureau of Economic Research.

Holland,D., Liadze, I., Rienzo, C., &amp Wilkinson, D. (2013). Therelationship between graduates and economic growth across countries.Retrieved October 6, 2016, from National Institute of Economic andSocial Research

Kreishan,F., &amp Hawarin, I. (2011). Education and economic growth inJordan: Causality test.International Journal of Economic Perspectives, 5(1),45-53.

Rae,D. (2010). Universities and enterprise education: Responding to thechallenges of the new era.Journal of Small Business and Enterprise Development, 17(4),591-606.

UkwuezeE. R. &amp Nwosu E. O. (2014). Does higher education reduce povertyamong youths in Nigeria?Asian Economic and Financial Review, 4(1),1-19.