Education as a Long‐Term Investment: The Decisive Role of Age in the Education‐Growth Relationship
基于118国面板数据，发现45至64岁人口的教育水平提升与经济增长正相关，而年轻群体的教育变化则无此效应，表明教育投资需长期才能见效。
Summary Using a dataset for a panel of 118 countries, this paper shows that changes in the level of education of national populations aged 45 to 64 are positively associated with economic growth. An increase of one percentage point in the share of individuals in this age group who attended secondary education is associated with a 1.2% increase in GDP per capita. In contrast, variation in the level of education in younger cohorts is not positively associated with economic growth. These results suggest that investment in education benefits society, but only in the long‐term. Several possible explanations for this finding are discussed.