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Investment in Education and U.S. Economic Growth

Dale W. Jorgenson and Barbara M. Fraumeni
The Scandinavian Journal of Economics
Vol. 94, Supplement. Proceedings of a Symposium on Productivity Concepts and Measurement Problems: Welfare, Quality and Productivity in the Service Industries (1992), pp. S51-S70
Published by: Wiley on behalf of The Scandinavian Journal of Economics
DOI: 10.2307/3440246
Stable URL: http://www.jstor.org/stable/3440246
Page Count: 20
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Investment in Education and U.S. Economic Growth
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Abstract

The purpose of this paper is to measure the impact of investment in education on U.S. economic growth. Education is treated as an investment in human capital, since benefits accrue to an educated individual over a lifetime of activities. One of the most important benefits is higher income from labor market participation. This is the key to understanding the link between investment in education and economic growth. Our most important finding is that investment in human and nonhuman capital accounts for an overwhelming proportion of the growth of the U.S. economy during the postwar period. Educational investment will continue to predominate in the investment requirements for more rapid growth.

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