The Knowledge Capital of Nations
Eric A. Hanushek, Ludger Woessmann
Language: English
Published by MIT Press Ltd, US, 2023
- Softcover
- New
Seller: Rarewaves USA, HEBRON, KY, U.S.A.Rarewaves USA
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Condition: New
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Add to basketSeller Inventory # LU-9780262548953
- Title
- The Knowledge Capital of Nations
- Author
- Eric A. Hanushek, Ludger Woessmann
- Publisher
- MIT Press Ltd, US
- Publication year
- 2023
- Condition
- New
- Binding
- Paperback
- Language
- English
- ISBN 10
- 026254895X
- ISBN 13
- 9780262548953
- Item weight
- 454 grams
In this book Eric Hanushek and Ludger Woessmann make a simple, central claim, developed with rigorous theoretical and empirical support: knowledge is the key to a country's development. Of course, every country acknowledges the importance of developing human capital, but Hanushek and Woessmann argue that message has become distorted, with politicians and researchers concentrating not on valued skills but on proxies for them. The common focus is on school attainment, although time in school provides a very misleading picture of how skills enter into development. Hanushek and Woessmann contend that the cognitive skills of the population--which they term the "knowledge capital" of a nation--are essential to long-run prosperity.
Hanushek and Woessmann subject their hypotheses about the relationship between cognitive skills (as consistently measured by international student assessments) and economic growth to a series of tests, including alternate specifications, different subsets of countries, and econometric analysis of causal interpretations. They find that their main results are remarkably robust, and equally applicable to developing and developed countries. They demonstrate, for example, that the "Latin American growth puzzle" and the "East Asian miracle" can be explained by these regions' knowledge capital. Turning to the policy implications of their argument, they call for an education system that develops effective accountability, promotes choice and competition, and provides direct rewards for good performance.
"Synopsis" may belong to another edition of this title.
About the Author
Ludger Woessmann is Professor of Economics at the University of Munich and Director of the ifo Center for the Economics of Education.
"About the title" may belong to another edition of this title.
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