Sri Lanka : Investment in Human Capital
Education is one of the most important determinants of economic performance in the modern world. This is true of both countries and individuals. The main characteristic which distinguishes between advanced economies, middle-income economies and low...
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| Format: | Working Paper |
| Language: | English en_US |
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Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2014/05/19927371/sri-lanka-investment-human-capital http://hdl.handle.net/10986/20057 |
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okr-10986-200572021-04-23T14:03:54Z Sri Lanka : Investment in Human Capital World Bank BETTER SCHOOLING ECONOMIC GROWTH FAMILY HEALTH HIGHER ECONOMIC AND SOCIAL STATUS HIGHER INCOME HIGHER LIFE EXPECTANCY INVESTMENT IN EDUCATION INVESTMENT IN HUMAN CAPITAL LABOR PRODUCTIVITY PUBLIC SERVICES SOCIAL BENEFITS SOCIAL MOBILITY Education is one of the most important determinants of economic performance in the modern world. This is true of both countries and individuals. The main characteristic which distinguishes between advanced economies, middle-income economies and low-income countries, is the knowledge content of their production activities and processes. Economic activities and products have become increasingly knowledge and skill-intensive in recent years. In addition, the importance of knowledge and skills is growing at an accelerating pace. Education is at the heart of human capital accumulation and economic growth. Education increases cognitive skills and soft skills of individuals. In addition, education improves the capacity of individuals to be trained for specific occupations and to acquire job-related skills. These effects of education enable individuals to accumulate human capital, improve labor productivity and increase life-cycle earnings. In the aggregate, this process generates economic growth. Investment in education produces a broad range of social benefits. Well-educated individuals, especially women, are better able to control their fertility and family health, resulting in reduced child, infant and maternal mortality, and higher life expectancy. Education also facilitates social mobility by creating opportunities for poor and disadvantaged groups to raise their economic and social status. A broad range of further externality benefits of education have been identified in the economic literature. These cover aspects of social well-being such as better political decision making, reduced incidence of crime, and higher quality public services. Education also produces inter-generational economic and social benefits: increased education in one generation improves schooling, labor productivity and income in the next. The public goods, informational imperfections and distributive justice aspects of education provide the economic justification for state investment in the education sector. 2014-09-10T22:31:35Z 2014-09-10T22:31:35Z 2014-05 http://documents.worldbank.org/curated/en/2014/05/19927371/sri-lanka-investment-human-capital http://hdl.handle.net/10986/20057 English en_US South Asia : human development sector discussion paper series;no. 69 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Publications & Research :: Working Paper South Asia Sri Lanka |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
BETTER SCHOOLING ECONOMIC GROWTH FAMILY HEALTH HIGHER ECONOMIC AND SOCIAL STATUS HIGHER INCOME HIGHER LIFE EXPECTANCY INVESTMENT IN EDUCATION INVESTMENT IN HUMAN CAPITAL LABOR PRODUCTIVITY PUBLIC SERVICES SOCIAL BENEFITS SOCIAL MOBILITY |
| spellingShingle |
BETTER SCHOOLING ECONOMIC GROWTH FAMILY HEALTH HIGHER ECONOMIC AND SOCIAL STATUS HIGHER INCOME HIGHER LIFE EXPECTANCY INVESTMENT IN EDUCATION INVESTMENT IN HUMAN CAPITAL LABOR PRODUCTIVITY PUBLIC SERVICES SOCIAL BENEFITS SOCIAL MOBILITY World Bank Sri Lanka : Investment in Human Capital |
| geographic_facet |
South Asia Sri Lanka |
| relation |
South Asia : human development sector
discussion paper series;no. 69 |
| description |
Education is one of the most important
determinants of economic performance in the modern world.
This is true of both countries and individuals. The main
characteristic which distinguishes between advanced
economies, middle-income economies and low-income countries,
is the knowledge content of their production activities and
processes. Economic activities and products have become
increasingly knowledge and skill-intensive in recent years.
In addition, the importance of knowledge and skills is
growing at an accelerating pace. Education is at the heart
of human capital accumulation and economic growth. Education
increases cognitive skills and soft skills of individuals.
In addition, education improves the capacity of individuals
to be trained for specific occupations and to acquire
job-related skills. These effects of education enable
individuals to accumulate human capital, improve labor
productivity and increase life-cycle earnings. In the
aggregate, this process generates economic growth.
Investment in education produces a broad range of social
benefits. Well-educated individuals, especially women, are
better able to control their fertility and family health,
resulting in reduced child, infant and maternal mortality,
and higher life expectancy. Education also facilitates
social mobility by creating opportunities for poor and
disadvantaged groups to raise their economic and social
status. A broad range of further externality benefits of
education have been identified in the economic literature.
These cover aspects of social well-being such as better
political decision making, reduced incidence of crime, and
higher quality public services. Education also produces
inter-generational economic and social benefits: increased
education in one generation improves schooling, labor
productivity and income in the next. The public goods,
informational imperfections and distributive justice aspects
of education provide the economic justification for state
investment in the education sector. |
| format |
Publications & Research :: Working Paper |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Sri Lanka : Investment in Human Capital |
| title_short |
Sri Lanka : Investment in Human Capital |
| title_full |
Sri Lanka : Investment in Human Capital |
| title_fullStr |
Sri Lanka : Investment in Human Capital |
| title_full_unstemmed |
Sri Lanka : Investment in Human Capital |
| title_sort |
sri lanka : investment in human capital |
| publisher |
Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2014/05/19927371/sri-lanka-investment-human-capital http://hdl.handle.net/10986/20057 |
| _version_ |
1764444885279047680 |