What is really eye opening is not the finding that education makes a big difference in economic outcomes but how much of a difference it makes.
But better education is not an elixir. The models do not produce the predicted results when national economies cannot absorb better-educated workers. Sound fiscal and monetary policy still matter. Many countries whose economies depend largely on the sale of natural resources, especially oil, have failed to educate their citizens or prepare in other ways for the day when their natural resources run out or are no longer needed.
Why do some countries grow rich and others languish in poverty?READ