Book contents
- Frontmatter
- Contents
- List of Figures
- List of Tables
- List of Contributors
- Acknowledgments
- Introduction
- Summaries
- Chapter 1 Air Pollution: Global Damage Costs from 1900 to 2050
- Chapter 2 Armed Conflicts: The Economic Welfare Costs of Conflict
- Chapter 3 Climate Change: The Economic Impact of Climate Change in the Twentieth and Twenty-First Centuries
- Chapter 4 Ecosystems and Biodiversity: Economic Loss of Ecosystem Services from 1900 to 2050
- Chapter 5 Education: The Income and Equity Loss of not Having a Faster Rate of Human Capital Accumulation
- Chapter 6 Gender Inequality: A Key Global Challenge – Reducing Losses due to Gender Inequality
- Chapter 7 Human Health: The Twentieth-Century Transformation of Human Health – Its Magnitude and Value
- Chapter 8 Malnutrition: Global Economic Losses Attributable to Malnutrition 1900–2000 and Projections to 2050
- Chapter 9 Trade Barriers: Costing Global Trade Barriers, 1900 to 2050
- Chapter 10 Water and Sanitation: Economic Losses from Poor Water and Sanitation – Past, Present, and Future
- Index
- References
Chapter 5 - Education: The Income and Equity Loss of not Having a Faster Rate of Human Capital Accumulation
Published online by Cambridge University Press: 05 June 2014
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Book contents
- Frontmatter
- Contents
- List of Figures
- List of Tables
- List of Contributors
- Acknowledgments
- Introduction
- Summaries
- Chapter 1 Air Pollution: Global Damage Costs from 1900 to 2050
- Chapter 2 Armed Conflicts: The Economic Welfare Costs of Conflict
- Chapter 3 Climate Change: The Economic Impact of Climate Change in the Twentieth and Twenty-First Centuries
- Chapter 4 Ecosystems and Biodiversity: Economic Loss of Ecosystem Services from 1900 to 2050
- Chapter 5 Education: The Income and Equity Loss of not Having a Faster Rate of Human Capital Accumulation
- Chapter 6 Gender Inequality: A Key Global Challenge – Reducing Losses due to Gender Inequality
- Chapter 7 Human Health: The Twentieth-Century Transformation of Human Health – Its Magnitude and Value
- Chapter 8 Malnutrition: Global Economic Losses Attributable to Malnutrition 1900–2000 and Projections to 2050
- Chapter 9 Trade Barriers: Costing Global Trade Barriers, 1900 to 2050
- Chapter 10 Water and Sanitation: Economic Losses from Poor Water and Sanitation – Past, Present, and Future
- Index
- References
Summary
Introduction
Formal education is a relatively recent institution in the history of mankind, dating back a mere two centuries. The recognition that education relates to a country’s development is even more recent, dating back just a few decades. Non-formal education of course existed since time immemorial in the form of philosopher–student or master–apprentice relationships, and some European universities date back to the thirteenth century. But organized schooling where children of a certain age were obliged to attend school started as late as the nineteenth century in England.
The link between education and economic development was identified by the so-called “Human Capital School” originating at the University of Chicago in the early 1960s (Schultz 1961a; Becker 1964). According to early versions of human capital theory, expenditure on education is an investment with many similarities to investment in machines. National resources are used while the student is in school, in the form of direct outlays to education and forgone labor earnings. But later in life more-educated workers contribute more to national output than less-educated workers. The discounted difference between the cost and benefit flows related to education can lead to estimates of the profitability of investment in human capital.
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- How Much Have Global Problems Cost the World?A Scorecard from 1900 to 2050, pp. 170 - 191Publisher: Cambridge University PressPrint publication year: 2013
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