The Economic Value of Cognitive Skills Development
The Organization for Economic Cooperation and Development (OECD) has published a report on the economic value of improved educational outcomes, entitled The High Cost of Low Educational Performance, which describe
The High Cost of Low Educational Performance
This report uses recent economic modeling to relate cognitive skills – as measured by PISA (Programme for International Student Assesment and other international instruments – to economic growth. The relationship indicates that relatively small improvements in the skills of a nation’s labor force can have very large impacts on future well-being. Moreover, the gains, put in terms of current Gross Domestic Product (GDP), far outstrip the value of the short-run business-cycle management.