A 1 percentage-point increase in the growth rate of a states population with bachelors degrees is associated with about a 0.08 percentage-point increase in the states real GDP growth rate; and, A 1 percentage-point increase in the growth rate of a states high school graduation rate is associated with about a 0.05-percentage point increase in the states real GDP growth rate. The Economic Effects of Education. Even though the effect has been estimated to be negative, we cannot confidently believe in those figures. We find that the mortality benefits of education are generally largest for adultsespecially womenwho have other resources such . regular bed-times and meal-times). By tracking attainment levels across countries and over time, the UIS provides unique insights into the benefits that can arise from education - from the earning potential of individuals to the economic growth and well-being of societies at large A high school dropout with a certification will make about 19.59 percent more than a worker with at most a high school diploma or GED. Other cities have recovered by continuing to provide training, recruiting educated workers from outside the city and building a new perception that frames them as a city built for the future talent base. If the relationship held up after controlling for these characteristics then we could be sure that the results were at least robust . Even after controlling for increases in income education still affects these social outcomes. The plan also aims to reduce the educational attainment gap by increasing the number of postsecondary credentials by 40 percent over 2013-14 academic year levels. The real GDP growth rate for 2018 was 2.9 percent. Thus far, we have shown that there are strong economic incentives for individuals to pursue not only college degrees, but also other forms of post-secondary education and certification. Although few would deny that educational attainment is at least partly determined by prior cognitive ability, a complementary, yet controversial, view is that education has a direct causal and lasting benefit on cognitive development. If the United States were able to close the educational achievement gaps between native-born white children and black and Hispanic children, the U.S. economy would be 5.8 percentor nearly $2.3 . This has been observed in many countries and . The primary argument in justifying government investment in education has historically been based on these positive labour market and economic returns. Educational planning has become very important because: It makes sure an institution's success. Permanent URL for this page: http://hdl.voced.edu.au/10707/528190. Note the effect of having some college is statistically insignificant (or in other words, inconclusive) and should not be seriously considered. The results of Table 2 are relative to workers with at most high school diplomas or GEDs. We used a fixed-effects model to control for all unobservable state and time differences. Results: We observed significant effect heterogeneity by race/ethnicity only for verbal . At the heart of this study is the relationship between a workers educational level, his or her chances of being employed, and the wages that employment commands. The estimated results of Equation 3 (Table 3, below) show a significant relationship between the fraction of the population that has a bachelors degree and economic prosperity. Evidence on how universal free school meals affect attainment is mixed. A good education tends to lead to a higher paying job, as well as provide you with the skills needed to get there. There is a positive link between positive attitudes towards reading and Click the logos below to learn more. According to the World Bank, one of the pivotal benefits of education is labor market earnings. The top two rows indicate that. 3 0 obj Analysis on the underemployment number in the monthly jobs report. Notably, a professional certification represents a substantial employment advantage for those who don't obtain bachelor's degrees; a high school dropout with a professional certification is 19.36 percent more likely to be employed than a high school graduate without a professional certification. Showing the broader benefits of education and training for Australian prosperity. Additional educational attainment develops higher skills, leading to higher rates of employment, higher productivity and higher lifetime earnings for individuals. 5] years), and Year 20 (mean [standard deviation] age = 45 [3.5]) of an ongoing longitudinal study. As a result, child marriage reduces the likelihood that girls will complete their secondary education. [4], One can think of the basic relationship as being between the log-level of output and the level of human capital, which is transformed into growth rates. We included indicator variables for each measure of educational attainment, with high school graduates being the base category. Under 'educational benefits' (Figure 1B), adolescent cognition plays no role in determining educational attainment, but those who achieve higher education earn higher adult cognition. Under 'educational benefits' (Figure 1 B), adolescent cognition plays no role in determining educational attainment, but those who achieve higher education earn higher adult cognition. A high school dropout will make about 35.18 percent less than a worker with at most a high school diploma or GED; and. Consequently, if every state had increased its bachelors degree attainment growth rate by just 1 percentage point over the last decade, then nationwide economic growth would have increased by about $130.5 billion. Table 4: Employment and Wage Implications of Educational Attainment. We also have included binary variables to control for unobservable differences between states (state fixed effects). x]sFw[".+#DbR P^_ (For the model, see Equation 3 in the Appendix.). <> Benefits of Educational Attainment Introduction XLSX (37.86kb) Business Management Practice. Data show that life expectancy is strongly associated with education. Methods: We use observational data from three birth cohorts, with cognition measured in adolescence and adulthood. Counties with higher levels of educational attainment among the working-age population are less likely to be . For example, the top two rows indicate that: Further, those with bachelors degrees are 12.96 percent more likely to be employed than those with at most a high school diploma or GED. From 2010 to 2017, the actual real GDP growth rate was about 2.11 percent. [Canberra, Australian Capital Territory]: Department of Education, 2019, https://www.education.gov.au/benefits-educational-attainment, Australian Government Department of Employment and Workplace Relations. Real GDP Growthi = 0 + 1 (bagi) + 2 (gradrategi) + 3 (avgstudebtgi) + 4 (mathscoregi) + 5 (populgi) + 6 (manuRatiogi) + 7 (percuniongi) + 8 (oNine) + + 16(seventeen) + , [1] https://data.bls.gov/timeseries/LNS14000000. The extensive research we briefly reviewed above has identified substantial health benefits of educational attainment in most contexts in today's high-income countries. Additional educational attainment develops higher skills, leading to higher rates of employment, higher productivity and higher lifetime earnings for individuals. Heteroscedasticity can invalidate hypothesis tests. At least one search term must be present. We pay our respects to the people, the cultures and the elders past, present and emerging. Providing educational opportunities and additional training is not just a perk for employees. We draw on theories of . Workers that earn higher than a bachelors degree are between 12.98 percent and 15.16 percent more likely to be employed than those with at most a high school diploma or GED. Because of this inconclusive relationship, we have not included that model. While policy makers and researchers implicitly understand many of these impacts, this series of factsheets allows us to understand the size or weight of each of these impacts. We outline three critical directions to gain a deeper understanding of the education-health relationship with particular . It considers the significant issues, constraints, conditions, and factors of education. We posit that parent educational attainment . However, less attention has been given to identifying social, economic, and behavioral resources that may moderate the health and longevity benefits of education. For every 1 percentage-point increase in the growth rate of the portion of a states population with at least a bachelors degree, the states real gross domestic product growth rate increases by about 0.08 percentage points. These estimates can be found in the map, below. Compared with 2010, employment rates were higher in 2021 only for . [1] Despite this overall improvement, the rise in U.S. education levels has not kept up with the rise in demand for highly skilled workers. As individuals attain greater education, their probability of employment rises; Greater education, including certification for those without a high-school or college degree, also increases workers ability to command higher wages; and. We experimented with a measure of the fraction of the states population that attained an associate degree but found no statistically reliable relationship. Of course, the impacts will show up in state economies, too. <> % Third, educational attainment also benefits society as a whole. H]`gt~Y5*_4?_6M)/oy8_)o7W Tp^y/MNE4T^8Uq6/_QCD+{)qk{/_'c@m^;Amqx{:``2d 3[UzQCb"$3k~](uZ@o42iG{4J7a5KL$ MkYYg[r Workers with associate/vocational degrees also make about 18.68 percent more than workers with at most high school diplomas. 1 0 obj Post-secondary education has clear benefits for those looking for a job: College-educated workers, for example, face lower unemployment and obtain higher wages than their less-educated counterparts. Prob(employment) = 0 + 1 (dropout) + 2 (certdrop) + 3 (cert) + 4 (some) + 5 (asocvoc) + 6 (certsome) + 7 (ba) + 8 (mastprof) + 9 (fem) + 10 (age) + 11 (race) + 12 (hisp) + 13 (urban) + 14 (Alabama) + + 65 (Wyoming) + , ln(Weekly Earnings) = 0 + 1 (dropout) + 2 (certdrop) + 3 (cert) + 4 (some) + 5 (certsome) + 6 (some) + 7 (certsome) + 8 (asocvoc) + 9 (ba) + 10 (mastprof) + 11 (doc) + 12 (fem) + 13 (age) + 14 (race) + 15 (hisp) + 16 (urban) + 17 (indust) + 18 (occu) + 19. GPE supports lower-income countries to ensure that every child receives a quality education. There have been decades of international qualitative and quantitative research that demonstrate the positive benefits of education. 5 Conversely, people with less education are more likely to work in high-risk occupations with few benefits. Measures of educational attainment for the general public for this table are from the U.S. Department of Labor Statistics 2009 report "Labor Force Characteristics by Race and Ethnicity, 2008," Table 4. Download Benefits of Educational Attainment Infographic Introduction Was this page helpful? These incentives include greater probabilities of employment at higher wages. In addition, our empirical techniques also control for gender, race, ethnicity, and whether a respondent lives in a metropolitan area. higher education is to reach the goal of a 60 percent postsecondary attainment rate by 2025. When children become adults, they are faced with a lot of challenging issues - pay off your student loans, get a job, buy a car and a house, provide for your family, etc. Between 2010 and 2021, 2 educational attainment rates among 25- to 29-year-olds increased at each attainment level. (For the model, see Equation 1 in the Appendix. Evidence suggests that educational attainment may be one of the strongest correlates of life expectancy. Unfortunately, education levels are not rising to match the economys demands. They do not take into account completion of training programs in the form of apprenticeships and other on-the-job training, which may also influence earnings and unemployment rates. [2], We adopt a logit model and account for heteroscedasticity[3] and other possibilities by using robust standard errors to estimate our model. If you're having problems accessing a document, please contact us for help. Higher levels of educational attainment are statistically associated with all manner of positive social outcomes. Educational attainment levels in Harris County are lower than the state average, with 82.3% of adult residents . The results of Table 1 are relative to workers with at most high school diplomas or GEDs. In " The unequal impact of COVID-19: why education matters " (FRBSF Economic Letter, Federal Reserve Bank of San Francisco, June 29, 2020), Mary C. Daly, Shelby R. Buckman, and Lily M. Seitelman examine how American workers with different levels of education have fared since the start of the pandemic. We also compute the impact for each individual state. Higher earnings: Income has a major effect on health and workers with . As a baseline, cancer screening and optimizing established risk factors for premature. reading regularly to the child); and parenting styles and rules (e.g. Business Management Practice DOCX (133.52kb) Business Management Practice PDF (730.09kb) Business Management Practice XLSX (42.35kb) Civic engagement, tolerance and trust. (For the model, see Equation 2 in the Appendix. Table 2: Dependent Variable: Natural Log of Weekly Earnings, Proportion of Labor Force in Manufacturing, Percent of Employed Workers Represented by a Union. School attendance reduces contemporaneous property crime but increases contemporaneous violent crime among juveniles. A new survey, "Travel Improves Educational Attainment & Future Success," explores the impact of learning-focused travel on academic performance and career growth. Reading enjoyment has been reported as more important for children's educational success than their family's socio-economic status (OECD, 2002). The growing recognition that educational attainment is one of the strongest preventive factors for adult health and longevity has fueled an interest in educational attainment as a population health strategy. a welding certification) improves the employment prospects of those who have not attained a college education. Workers with more education earn higher wages than employees with no post-secondary education. Provides Financial Security. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 19 0 R] /MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Benefits of Educational Attainment Appendix, Benefits of Educational Attainment Introduction, Funding for universities and institutions, Requirements for Higher Education Loan Program (HELP) providers, Australia's National research Infrastructure, Australian Strategy for International Education, Resources for providers in supporting students, Ministers' Media Centre for Employment and Workplace Relations, Organisation chart - Department of Education, Organisation chart - Department of Employment and Workplace Relations. We adopt a logit model and account for heteroscedasticity and other possibilities by using robust standard errors to estimate our model. Effects on attainment: Students in the loan-offer group also did better in school compared to students in the control group. Keywords:Outcomes of education and training; Return on education and training; Community participation; Social development; Wellbeing; Attainment, Published:[Canberra, Australian Capital Territory]: Department of Education, 2019, Physical description: 1 infographic + 11 factsheets, Resource type: This association means that if each state raised the growth rate of the population with bachelors degrees by just 1 percentage point, then real GDP would increase by about $103.5 billion nationwide. 1) Education can create better opportunities to health. Our first focus is on the link between a respondents employment status and educational attainment. Yes No We include the states high-school graduation rate, average score on math portion of the National Assessment of Educational Progress, proportion of the labor force in the manufacturing sector, and proportion of employed workers represented by unions. Similarly, using the results from our panel data model (Equation 3, reported in Table 3), we can estimate the effect on the economy of increasing the growth rate of the proportion of a states population with at least a bachelors degree. Specifically, the study measures how attaining various levels of post-secondary education beyond a high-school diploma can positively affect workers chances of being employed and their wages. VOCEDplus receives funding from the Australian Government Department of Employment and Workplace Relations. Acknowledgement of CountryNCVER acknowledges the Traditional Custodians of Country throughout Australia and their continued spiritual connection to land. Only the variables of interest have been reported to conserve space. We pay our respects to the people, the cultures and the elders past, present and emerging. Students in the loan-offer group attempted and earned more credits and had higher GPAs in the year of the experiment. Old design header Travel improves educational attainment & future successOct 24, 2013 WYSE Travel Confederation hosts global events for the youth travel industry. Education is essential to a highly skilled and productive labor force, and increasing the rate at which people graduate from college would have powerful effects on the economy. Educational attainment is the level of education completed by the time of the survey (reported here as at least high school completion, 1 an associate's or higher degree, a bachelor's or higher degree, or a master's or higher degree). [4] These results are available from the authors upon request. In terms of interpreting the coefficients of our model, looking at the top two rows. From 2011 to 2021, however, the percentage of people with a bachelor's degree or higher increased by 7.5 percentage pointsfrom 30.4 percent to 37.9 percent. The growing recognition that educational attainment is one of the strongest preventive factors for adult health and longevity has fueled an interest in educational attainment as a population health strategy. The results of this model are reported in Table 2. These education categories reflect only the highest level of educational attainment. 2. birth-weight, breastfeeding, and maternal depression); family interactions (e.g. The Department of Education acknowledges the traditional owners and custodians of country throughout Australia and acknowledge their continuing connection to land, water and community. <>>> In fact, each of these levels of post-secondary training have a greater impact on a persons wages and prospects for employment on average than if they had attended a four-year college without obtaining a bachelors degree. Educational attainment refers to the highest level of education that an individual has completed. There have been decades of international qualitative and quantitative research that demonstrate the positive benefits of education. High school, secondary school and college participation are recorded, as well as any level of degrees obtained. We find that increasing education attainment would have powerful positive effects on the economy. . Educational attainment details all levels of educational completion. Methods: We use observational data from three birth cohorts, with cognition measured in adolescence and adulthood. Thus, greater post-secondary educational attainment of all types would not only increase employment opportunities and wages in the labor market, but would also spur widespread and stronger economic growth. The American Action Forum is a 21st century center-right policy institute providing actionable research and analysis to solve Americas most pressing policy challenges. The American Association of Colleges of Nursing (AACN), the national voice for academic nursing, believes that education has a significant impact on the knowledge and competencies of the nurse clinician, as it does for all healthcare providers. The results of estimating Equation 1 are reported in Table 1 (below). Education is vital for a highly skilled and productive labor force. Specifically, our estimated coefficient indicates that increasing the growth rate of the population with at least a bachelors degree (relative to the population as a whole) is associated with an increase in a states GDP growth rate by an average of 0.08 percentage points. Obtaining your bachelor's degree used to be a way for students to stand out from others in a highly competitive job market. But genes for some other conditions increase non-cognitive skills related to educational attainment. Additional educational attainment develops higher skills, leading to higher rates of employment, higher productivity and higher lifetime earnings for individuals. We also have included binary variables to control for unobservable differences between states (state fixed effects). Our dependent variable is the real GDP growth rate and our independent variable of interest is the change in the proportion of a states population (aged 25 and over) that has at least a bachelors degree. Regarding the consequences of education, a growing body of empirical research suggests that better education yields higher individual income and contributes towards the construction of social capital and long-term economic growth. The far right column, labeled Effect of Education on Employment Status, provides the most relevant results. This study finds that for every 1 percentage-point increase in the portion of a states population with at least a bachelors degree, the states real GDP growth rate increases by about 0.08 percentage points. The Benefits of Increasing Single Mothers' College Attainment Research documents the significant economic and social rewards of postsecondary education for adults, children, families, and society, and such gains are likely to be especially transformative for the life trajectories of single mothers. Greater investments in helping single mothers persist in college and graduate would benefit their families, their communities, and society as a whole. From this perspective, it is important to control for other time-varying components of human capital. tainment and cognition differed between White, Black, Asian, and Latino participants in the Kaiser Healthy Aging and Diverse Life Experiences study (n=1348). The focus is on potential objectives, goals, and vision. The relationship between child marriage and educational attainment for girls is also strong. Had every state increased the growth rate at which people receive bachelors degrees by 1 percentage point for the past decade, the growth rate would have increased from about 2.11 percent to about 2.19 percent, which translates to about a $103.5 billion increase in real GDP. Educational attainment is protective for cardiovascular health (CVH), but the benefits of education may not persist across racial and ethnic groups. Notice that this approach measures how the attainment of a certification (e.g. ), Finally, to quantify the effect of increasing educational attainment on the U.S. economy, we compiled panel data from 2007 to 2017 for the 50 states and the District of Columbia. First, this rate increased from 73 percent in 2010 to 79 percent in 2019. All our interactive charts on Global Education The Evolution of Education Outcomes In this section Literacy Schooling has small positive effects on white-collar crime. 7 Better-educated individuals are more likely to have better health, . Workers that earn higher than a bachelors degree make about 63.6 percent to 81.7 percent more than those with at most a GED/high-school diploma. However, there are also many other important benefits of water, sanitation, and hygiene interventions for policymakers and researchers to consider, such as improved nutrition and decreased stunting, improved cognitive development and educational attainment, and quality-of-life improvements for women.Reduced fecal exposure from improved WASH may . This relative shortfall of skilled workers inhibits the ability of firms to meet demand, expand, and augment levels of productivity. We used a fixed-effects model to control for all unobservable state and time differences. Again, the far-right column provides the interpreted results. Benefits of Educational Attainment - Introduction 5 Using this matching technique to control for confounding variables we are able to provide the strongest possible statistical evidence of a causal relationship. Similarly, our estimated version of Equation 2 shows a statistically significant relationship between the education variables and the natural log of weekly earnings. A high school dropout is 29.8 percent less likely to be employed than a worker with at most a high school diploma; and. We pay respect to Elders past, present and emerging. To estimate the net benefits to taxpayers of increased educational attainment, the researchers calculated the sum of the increases in public revenues from higher tax contributions and the reductions in spending on social support and incarceration, minus the cost of providing the additional education. The Economic Benefits of Educational Attainment. Those with an associate degree earn on average 18.68 percent more per week than those with at most a high school diploma, and for those attaining a bachelors degree that figure jumps to 44.7 percent. This is the data behind Figure 3. We now turn to the relationship that policymakers may also care about educational attainment and economic performance. Featured Educational Attainment Visualizations Data made visual with charts, tables, maps, and other graphic elements. Note that the effect of having some college is statistically insignificant (or in other words, inconclusive) and should not be seriously considered. The benefits of obtaining an education beyond the 12 mandatory years extend not only to earnings, health, and quality of life, but also to the collective well-being and economy of our region, andpotentiallyfuture generations. We also use robust standard errors to account for possible heteroscedasticity in our data. A researcher summarised it by . pregnancy planning in general, and the use of birth control in particular, are directly linked to a wide array of benefits to women, men, children, and society, including fewer unplanned pregnancies and abortions, more educational and economic opportunities for young women, improved maternal and infant health, greater family wellbeing, and Covariate-adjusted multivariable linear regression models examined domains of verbal episodic memory, semantic memory, and executive functioning. On average, among 15 OECD countries with available data, a 30-year-old tertiary-educated man can expect to live eight . Government report or paper. In this section, we spell out those benefits. Learning is needed for global growth as it plays a crucial role in the economic development of a country, its people and is an investment in the future. The educational attainment of people living in rural (nonmetropolitan) areas has increased markedly over time but has not kept pace with urban (metropolitan) gains, especially in college and postgraduate education. Large-scale educational expansions represent substantial investments of public resources and benefit households by increasing education levels, and therefore productivity in the local economy. We find that increasing education attainment would have powerful positive effects on the economy. This study seeks to quantify the relationships between additional educational attainment and employment opportunities, wage rates, and aggregate economic growth. In today's job market, a highly educated applicant is more likely to be employed in a position that provides health-promoting benefits such as health insurance, paid leave and retirement. We again included binary variables for each level of education attainment, given that high school graduates are the base category. Workers earning higher wages contribute more in taxes and in other financial benefits to the community. A high school dropout with a professional certification is 19.36 percent more likely to be employed than a high school graduate without a professional certification. Specifically, we have binary variables for dropouts, dropouts with certifications, high-school graduates with certifications, some college, some college with certifications, associate/vocational-degree holders, bachelors degree holders, masters degree holders, and doctorate degree holders. Using recent data from the Bureau of Labor Statistics, Census Bureau, and Internal Revenue Service, the brief discusses variation in . The master plan identifies supporting goals and implementation strategies to meet the 2025 . 5 This pattern differed by educational attainment. In sum: Greater post-secondary educational attainment of all types would not just increase employment opportunities and wages in the labor market, but would also spur widespread and stronger economic growth. With regard to impacts on economic growth, a 1 percentage-point increase in the growth rate of the portion of adult population with at least a bachelors degree (relative to the overall growth of the whole population) is associated with about a 0.08-percentage point increase in the real gross domestic product (GDP) growth rate. endobj Table 4 contains these figures for each level of education, considering high school diploma or GED to be the base category. OCD, fine, it's probably on a spectrum with OCPD which is on a spectrum with regular perfectionism. There is a well known, large, and persistent association between education and health. Our dependent variable is the real GDP growth rate and our independent variable of interest is the change in the proportion of a states population (aged 25 and over) that has at least a bachelors degree. Therefore, we have also calculated the average marginal effects (AME) of each variable and included them as well. Of these 5.9 million people, their annual wages would increase by about $291 billion, in aggregate. %PDF-1.5 The key result is that various levels of education beyond high school diplomas lead to statistically significant increased opportunities in the labor market. Initial analyses focused on age-related changes in fibrinogen across racial groups, and parallel analyses for C-reactive protein and interleukin-6 assessed at Year 20. V ]A6`R[.IRfLHKSGCzKReJ:M|/J IhQ/]Y08Q%Jb1t ; ]L]Pc5]KkL&=$HeZ^qb~r~|mop$JdtJ>Dhx)#tLmgJfyd\X"#?32:(X. However, it's difficult to pinpoint exactly why and most projects have included more than just providing meals. However, education can also provide broader benefits for Australian society such as increased community engagement, improved family and child health and well-being, reduced tax burden for public services, a cleaner environment and reduced crime. In addition, of the already-employed persons with high school diplomas or GEDs who now hypothetically have an associate or vocational degree, their annual wages would increase by about $301 billion, in aggregate. Still, many important questions remain unanswered. For the state or national economy, the cascading effects of lower educational attainment translate into lower rates of aggregate growth. We experimented with a measure of the fraction of the states population that attained an associate degree but found no statistically reliable relationship. Benefits of education. Methods and Results These types of investments in employees pay dividends to employers as well: Employees feel the company cares about them and is interested in their futures, inspiring greater loyalty. It does not take educational proficiency, quality or grades into account. Using the growth rate of the population with associate/vocational degrees did not result in a statistically significant relationship with real GDP growth. [2] Summary Statistics are available from the authors upon request. However, higher education offers benefits that go beyond conventional measures of success, according to a recent Georgetown University Center on Education and the Workforce (CEW) report. Those with only a high school degree are twice as susceptible to unemployment than workers with a bachelor's degree. They are generally in better health and display more healthy behaviors. VOCEDplus is produced by the National Centre for Vocational Education Research (NCVER), which together with TAFE SA, is a UNESCO regional Centre of Excellence in technical and vocational education and training (TVET). The Department of Education and the Department of Employment and Workplace Relations acknowledge the traditional owners and custodians of country throughout Australia and acknowledge their continuing connection to land, water and community. However, if both selection and causation processes are active ( Figure 1 C), we expect to observe both cognitive processes and educational benefits in adult . frequency, reading enjoyment and attainment (Clark 2011; Clark and Douglas 2011). In addition, higher educational attainment rates in a society are associated with lower criminal activity and incarceration, higher civic engagement, community involvement, support for free speech, volunteerism, non-profit employment, charitable contributions, reduced authoritarianism, and increased tolerance (Carnevale et al., 2021). In addition to the same controls used in the above model, we included controls for industry of worker, occupation, union membership/representation, immigration status, school enrollment status, marital status, disability, and number of children. Parent educational attainment typically precedes the acquisition of occupation and income in the life course and is often used interchangeably with SES. 4 0 obj However, since they impact both individual behavior and labor markets, convincing causal estimates of their overall benefits are hard to generate. Finally, to quantify the effect of increasing educational attainment on the U.S. economy, we compiled panel data from 2007 to 2017 for the 50 states and the District of Columbia. Empirically, an increase in educational attainment significantly reduces subsequent violent and property crime yielding sizable social benefits. With an additional 0.08 percentage points in real GDP growth, the real GDP growth rate would have been about 2.98 percent. Information is typically collected on individuals 15 years of age and older. However, education can also provide broader benefits for Australian society such as increased community engagement, improved family and child[+] Show more. 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