Wednesday, 28th August 2013
The Relationship Between Graduates and Economic Growth across Countries
Source: Department for Business Innovation and Skills (UK) via GOV.UK
This research, conducted by the National Institute of Economic and Social Research (NIESR) for BIS, explains the wider macroeconomic benefits of a more highly-educated workforce. Higher education (HE) provides personal benefits (such as the wage premium), and also significantly contributes to long-run productivity and economic growth
There are 3 important findings:
around 20% of UK economic growth (from 1982 to 2005) came from increased graduate skills; however, the growth accounting approach used for this result ignores the indirect benefits of HE
once indirect benefits are taken into account using econometric analysis, a 1% increase in the share of the workforce with a university degree raises long-run productivity by between 0.2% and 0.5%
this implies that we can attribute at least a third of the increase in UK labour productivity between 1994 and 2005 to the rising number of people with a university degree.
+ Direct link to document (PDF; 636 KB)
By Adrian Janes
Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.
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