Growth effects of education and social capital in the OECD countries
نویسندگان
چکیده
Public and private expenditure on educational institutions accounts for about 6% of the collective GDP of the OECD member countries, or roughly $1,300 billion dollars each year. This figure understates the true opportunity cost of educational investments, since it does not take into account forgone earnings. Overall, it should be clear that the provision of education represents a major commitment of resources within the OECD, and so measuring the associated welfare benefits is an important task.
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