Quote:
Originally Posted by Avondalist
Point taken that education is not the only input to productivity.
However unlike the size of the global labor force or the pace of technological change, improving education is something we have control over.
And regarding comparisons with other countries, I am more interested in the developing countries that have achieved big productivity increases by improving their educational systems.
It may very well be that education saturates as an input to productivity. However given the US's dismal performance education could be the low hanging fruit. We are probably compensating for our poor educational system in other areas which you have pointed out. And maybe the smattering of quality public schools and private schools supply a critical mass of talent, along with immigration brain drain, to keep the economy humming. That this only sharpens inequality is my point.
Many, many marginalized people in the US received awful educations, and they could have had better lives were our system not so dysfunctional. I think it's clear that education can increase human capital, and that quality education is available to the wealthy more than the poor. This worsens inequality, and yes in the aggregate diminishes output from what it could be (although other factors affect output).
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I agree with the most of what you've written here.
I think that better education can pull up productivity, a lot, but I don't feel shortcomings in the US education system are strongly correlated with declining productivity; it may not be the right statistic to look at. Then again, you bring up an interesting point about immigration masking the problem. If it were up to me, we'd have
a lot more legal immigrants, it's what keeps us competitive. Then again, I'm probably more bullish on immigration than most people.