We are Living in an Age of Knowledge Economy Built on Skilled Labor

587 WordsJan 28, 20182 Pages
We are living in the age of knowledge economy. The most essential push to economic development in this time is the accessibility to skilled labor. Skilled labor requires investment in current education. The further the level of education of the people, the better prepared they are to understand new material, acquire new skills and familiarize themselves with new technologies. Many studies have already reinforced the view that education and economic progression are related (Mankiew et al., 1992). There is a solid link between these two categories. Education adds to economic growth and with that, economic growth supplies to human well being by furthering available opportunities for them. Education certainly has an effect on many aspects of life. It improves the living standard of the people. The progress of economy means the rise in per capita income. For example, according to the Bureau of Labor Statistics, those with only a high school education are twice as likely to be unemployed as those with at least a bachelor’s degree (Rothwell, 2013). Within the employed, the average college educated worker earns 84 percent more than the average worker with only a high school education. Even those with just some college and no degree or an associate’s degree earn 16 percent more. College educated workers are much more likely to be in the labor force (Rothwell, 2013). By increasing per capita income, education allows people to be more aware about their own and family health as

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