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The Role of Education in the Economy
The Role of Education in the Economy, Attachment 1
Capital Human Capital
• Bank Account• Shares of Stock• Assembly line• Steel plant
• Schooling• Training course• Expenditures in medical
care• Lecture on virtues of
punctuality and honesty
The Role of Education in the Economy, Attachment 1
Education is an investment in human capital
Virtuous Circle
EducationW
ealthIn
vest
men
t in
hum
an c
apita
l
The Role of Education in the Economy, Attachment 1
Public Sector
Education
Private SectorHuman Capital
The Role of Education in the Economy, Attachment 1
The most important producer of human capital in the U.S. is….
The Public Education System
The Role of Education in the Economy, Attachment 1
Education is the greatest contributor to economic productivity.
The Role of Education in the Economy, Attachment 1
Architect
Carpenter
ElectricianMortgage lender
Plumber
The Role of Education in the Economy, Attachment 1
The Role of Education in the Economy, Attachment 1