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Neurogenesis tells us that learning can continue into advanced ages.The relative costs and benefits to investments in older persons compared to younger persons differs.
Plato wrote: “If a man neglects education, he walks lame to the end of his life.” But it was really the Nobel winning economists that put the argument of education as investment. In a nutshell, the Human Capital Theory posits that investing in education has a payoff in terms of higher wages.
Moreover, the theory and empirical estimates are backed up by current science, as explained by James Heckman.
Technological change and global competition demand the mastery of competencies and the acquisition of new skills for many.
Countries can compete- and succeed To promote success in today’s labor market, one needs to invest early, and then invest in the relevant skills (see below).
Globally, we – governments, private sector, families, individuals – spend more than $5.6 trillion a year on education and training.
Countries spend 5 percent of GDP on education or 20 percent of their national budget.
Education employs about five percent of the labor force.
Moreover, private returns to schooling – what individuals receive in the labor market – have been increasing.
There must be better information for such student who don’t perform well and greater support networks to help them take on the challenges of completing their tertiary level education.
More information will also benefit students and families from disadvantaged backgrounds, who tend to overestimate benefits and underestimate costs.