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The Knowledge Capital of NationsEducation and the Economics of Growth$
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Eric A. Hanushek and Ludger Woessmann

Print publication date: 2015

Print ISBN-13: 9780262029179

Published to MIT Press Scholarship Online: September 2015

DOI: 10.7551/mitpress/9780262029179.001.0001

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Introduction

Introduction

Chapter:
(p.1) 1 Introduction
Source:
The Knowledge Capital of Nations
Author(s):

Eric A. Hanushek

Ludger Woessmann

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262029179.003.0001

The history of the past half century shows that economic growth differs sharply across regions of the world. Neither the phenomenal growth of East Asia nor the disappointing performance of Latin America would have been predicted in 1960 by conventional models but are unified by consideration of what is learned in schools as measured by international assessments. The argument is that education equips people with the skills that make them more productive in their work. It also conveys the knowledge and competencies that enable them to generate and adopt the new ideas that spur innovation and technological progress and thereby increase future prosperity. The chapter also illustrates the importance of focusing on long-run growth.

Keywords:   East Asia, Long-run growth, Latin America, Historical growth, Education

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