Better education means better economy?

[Holland 1st MRB]

My co-workers and I have recently been debating if improved education (ie. cheaper, more widely available, etc.) truly defines the economy of a nation.

My personal opinion on the subject; Education does have an effect on the economy, though it definitely does not define it. Though it is true that a higher level of education does provide opportunity for individuals to earn a better income as well as (perhaps) increase productivity, it does not, however, dictate the potential of an individual. For many of those who claim that funding is a serious issue in a wanted education, I find that a significant portion of the people have a problem less with the lack of funding available, and more of the lack of motivation, the separation of needs and wants, or any real determination to achieve what they openly claim they want.

Now, I am wondering about your opinions on the subject. Do you agree with me? Do you think something completely different? I want to hear your side on the argument.

[Captain Giraffe BAR]

Maybe this discussion would be more appropriate in the politics thread?

[Rather]

My co-workers and I have recently been debating if improved education (ie. cheaper, more widely available, etc.) truly defines the economy of a nation.

My personal opinion on the subject; Education does have an effect on the economy, though it definitely does not define it. Though it is true that a higher level of education does provide opportunity for individuals to earn a better income as well as (perhaps) increase productivity, it does not, however, dictate the potential of an individual. For many of those who claim that funding is a serious issue in a wanted education, I find that a significant portion of the people have a problem less with the lack of funding available, and more of the lack of motivation, the separation of needs and wants, or any real determination to achieve what they openly claim they want.

Now, I am wondering about your opinions on the subject. Do you agree with me? Do you think something completely different? I want to hear your side on the argument.

Macro-economically speaking really only 3 things will cause long-term GDP growth (economic expansion): An increase in PK (physical capital) or the amount of materials available to implement into the economy (more machines, more factories, etc...). An increase in A (technological innovation) or the level of tech available to be used in production (new more efficient ways to produce). Or an increase in HK (human capital) or level to which people can utilize their educations to facilitate economic growth. So technically when speaking about macroeconomic long term growth education is one of the most important/useful things an economy could utilize aside from top of the line tech and abundant resources.

Edited April 5, 2012 by Rather 1st MRB

[Holland 1st MRB]

Logically yes, though that would essentially mean that my original opinion was well founded. Education does not define economical growth. I thank you for your open knowledge.