Research Director of the Adam Smith Institute, Sam Bowman, wrote a comment piece for The Spectator detailing the links between education quality and long-term economic growth found in the ASI's new report "Incentive to Invest: How education affects economic growth".
Better capital makes us richer. That’s uncontroversial when it comes to fixed capital like machine tools and computers, but it’s also true of human capital. Better educated workers create more productive jobs, increasing the total amount of wealth in an economy.
In a new Adam Smith Institute report released today, Incentive to Invest: How education affects economic growth, we found a very significant relationship between improvements in education and growth. In our model, a 10 per cent increase in TIMSS Advanced test scores generates a long-term 0.85 per cent increase in annual economic growth. We argue that getting more children into independent schools through vouchers may be the easiest way of improving outcomes, and thus growth.
Read the full article here.
The report, “Incentive to Invest: How education affects economic growth”, reveals that Britain could add billions of pounds to its long-term economic growth by increasing access to private education.