Policymakers and the public often talk about how important education is for the economy, saying that schooling promotes higher incomes, better jobs and more growth.
Last month, for instance, Vice President Joe Biden argued that college degrees are crucial to national prosperity. “Six in 10 jobs will require some kind of education beyond high school,” Biden said at an event in Denver. “Twelve years is not enough.”
But how much does education really matter when it comes to the economy? A new research paper gives some key insight into this question, and it turns out schooling might have a bigger impact than even some of the staunchest education advocates have argued.This article was originally published in U.S. News & World Report.