Intro:
What this presentation is about
Education is a very important microeconomic issue impacting our economy and our futures; with multiple factors in education that ensure the productivity of a nation it is very important to be utilizing our education system to the best of our abilities. Unfortunately our current system is flawed and is causing major inefficiency’s within our economy; fortunately we already have the power and knowledge necessary to improve education, implementing these solutions is a way to encourage the utilization of human capital and innovation. Through the course of this presentation I will highlight the impact that education has on the economy and current faults in our system that are preventing us from developing our nation further, I will then draw and present well thought-out solutions in the hope of presenting a reform that can efficiently improve our education system and economy.
Knowledge:
What is education?
Education is the process of giving or acquiring knowledge as a way to develop skills or understanding of a subject, often specific to a profession. In Australia we have three basic levels of education that can stem out into further fields: primary school, high school and university or Tafe. In Australia you are expected to attend school until the age of 17 at a minimum before pursuing other pathways either by continuing education or by entering the workforce.
How does education affect the economy? (Good and bad)
Education and our
America used to thrive on its education system and that is why it became one of the greatest nations in the world. Education is the backbone of our country, and we must give high priority to improve its current condition. Unfortunately, in the past couple of decades, the education system has been regressing. It has been on the decline and not as effective. The quality of education in a country has an influence on GDP growth, social cohesion and social well being in general. In order to improve the quality of education in the U.S., the following must be taken into consideration: the structure of our education system must be reanalyzed, we must compare and contrast our education system to systems of other countries with higher rankings, and finally, there must be a solution.
Nowadays the United States is not known for their educational system. Countries like South Korea, Japan, and Singapore have surpassed the United States buy large margins, in terms of educational success. While other countries are constantly revolutionising their education system, the United States’ education system has not changed in decades, leaving the U.S. unsuccessful. The U.S. continues to fall behind these same countries that are thriving. Due to the fact that the U.S. education system not developing as time went on, leaving them now with a multitude of flaws. The gap between the educated and non-educated, along with the length of how long students are in elementary and high school, are two consequential problems in the United States’ educational system that need to be addressed.
Education is one of the most important assets a country can offer in terms of the future. Education is what drives technical advances and helps form the general structure of the country. As the United States’ monetary deficit grows, one may forget about the pending problems in education. These problems in education may led to the downfall of the once great global powerhouse the United States once was.
In “A Matter of Degrees” columnist Clive Crook begins by explaining how many Americans believe that education is the cure-all solution to the nation’s economic issues, but offer no rational explanation as to how more education would actually benefit society. Not everyone agrees on how the improvement of education would interact with society economically, but no matter where someone’s political opinions lay, it is generally agreed upon that education somehow plays a role in the economy. Crook declares that the relationship between education and economics is not as it seems, and it would be a mistake to make educational decisions based solely on economic grounds.
1. What arguments is Marsh making about the relationship between inequality and education in the United States? How does he distinguish his position from other common arguments about the degree to which education, especially higher eduction, can or cannot serve as a panacea for social ills in this or other countries?
With many in government and communities believing that education is the key to create a strong and independent country, public schools were formed in the early years of the United States to provide a basic education for citizens (Mondale & Patton, 2001). Over the years it has been reformed to fill the needs of a growing nation. However, we are now facing a need to not only satisfy the needs of a national economy, but a world economy. Unable to fill positions that demand a high education, many American industries have to branch out to other countries in search for employees (Guggenheim, 2010). Unless America is able to raise the education standards of students, this trend of companies hiring from outside the United States will continue and more Americans will struggle to find their place in society.
The strongest claim the author made was that the economy and education are highly intertwined. It is stated that without a public access to a higher level of education, the income equality will grow larger and our country of democracy and prosperity will be in jeopardy. The
The education system has been the cornerstone of freedom and equity for economic success in The United States. However, the history of education has never been so crucial to the collective future of our nation and to the young people. The public schools must struggle to provide equality in educational system as never before. The demand for education has become necessary and growing to provide education for all students to comply with the rigorous academic standards on a global scale (Baker, B. D., Sciarra, D. G., Farrie, D. (2010, p. 1).
The United States spends more money on education each year than any other country in the world, yet the education system is not thriving. Three decades ago, America was the leader in the quality of high school diplomas, yet, students in the U.S. rate 31st in math literacy and 23rd in science in comparison to the rest of the world. (Federal Reserve Bank of New York) The country that is famous for being the most advanced and innovative country in the world is yielding a generation that is falling behind in the global education race. Public K-12 education is worsening simultaneously with the growing competitiveness of universities. Part of the problem is that teachers are not being paid sufficiently, and many find themselves being laid off. College is getting exponentially more expensive each year. These are only a couple of the issues that the american education system faces today, but the list carries on.
What is it that’s making our country suffer from excelling in education? Very few would argue about the importance of our education system today. Issues such as lazy teachers, lack of parent involvement, and teaching useless information in class may hinder progress in today’s education system. An education plays a crucial role and is an essential tool, unfortunately, with all the jaded judgments; our students are not able to value their education. A proper education can open the doors to many opportunities that would have never been possible if it had not been for the knowledge and preparation that one received while in school. With the growing economy and desperate times, it is more important than ever for our country’s children to receive the proper education and training that is needed to allow them to acquire a good job and produce the revenue needed to live. Today's education system is flawed in many ways, and these flaws should be eliminated to ensure a good education for our future generation.
“The advice we would offer every halfway intelligent young person with a pulse—go to college—is not, I argue, counsel we can offer a whole generation of young people” (Marsh p.6). John Marsh explores in his article “Why Education Is Not an Economic Panacea” the correlation between income inequality and lack of higher education. In doing so he finds that education alone may not be a cure all for the problems faced by many low income families. Marsh shares what he had learned through his experience teaching impoverished students and how it is wrong to assume that education will positively effect someones financial outcomes. Marsh intends to open peoples minds to addressing problems such as poverty that may be the reason for a lack of education rather than assuming that deficiencies in education are to blame for the problem. I believe that what Marsh is advocating is a “living wage” for people in jobs that do not require a degree and he thinks that doing so will solve the problems of economic inequality and poverty (Marsh p.6). Is it wrong to think that increasing wages for unskilled labor or non professional jobs will solve these problems?
Bal was born in one of the small villages in Nepal with substandard economy. He had to struggle his way out of the confines of a suburb life in order to gain quality education. He had a modest childhood as he went to a small village school where quality education was almost impossible to get. Since, the cost of education was in equal terms with the quality of education he received, it was not a big burden for his family to pay his tuition. Later, when Bal reached high school, a slight degree of financial strain began to press on his family. Giving up to the financial pressure, Bal started to teach when he was a teenager when his family’s financial situation aggravated by the absence of his parents who were in a different place in search
Education can be considered the process of discovering something new that a person did not previously know. It is an essential part of life because it empowers people with knowledge, enables them to contribute to society, earn money, and become independent. Education is a process that starts when you are born.
A person’s education is one of the most important factors in determining whether or not they will become a productive member of society.Facing the technological revolution that we are going through without a good quality education , a person will be left behind .
Studies set out in the last decade advise that there is an increasing priority for countries to promote a healthy educational policy to spike development. According to Hanushek and Wößmann, “educational quality – particularly related to developing countries – is THE critical issue” for progress. Cognitive abilities obtained during primary and secondary schooling historically bring about more economic returns. So, there are two main ways in which education can be improved: 1)through increasing quantity and quality. 2)By increasing the amount of schooling, students have more time to develop necessary skills in disciplines such as reading, mathematics, and science. Hence, bolstering the quantity of education should foster human capital, hopefully bolstering productivity in the long-term. Additionally, a more educated workforce has a higher capacity for innovation, helping bring about structural changes to the economy. According to Hanushek and Wößmann (2007, p. 24), “several recent studies suggest that education is an important both as an investment in human capital and in facilitating research and development and the diffusion of technologies.” Hence, increasing the quantity of education helps students gain more familiarity with technology, which encourages future innovation and productivity. However, due to limited research on the subject, Hanushek and Wößmann (2007) are skeptical to make any definitive links between development and the quantity of schooling. Interestingly,