Sunday, November 7, 2010
The Power Of Investing In Global Literacy
The author of this article discusses her personal experiences in international business while living in Vietnam. In the mid 90's she says foreign direct investment in Vietnam was booming; however, it was difficult for her to find capable people to hire. While there was some access to education, literacy rates were still too low. The author goes onto explain the advantages that increased literacy rates would have on not only international business, but also the standards of living globally.
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The experience and her suggestion is quite in an agreement with studies on Economic Growth. As presented in the lectures, empiric growth studies suggests that real long term growth of an economy is strongly determined by saving, education, and productivity. And yes higher human capital is one important factor in raising capital per worker, hence raising income and standard of living in the long run for an economy.
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I agree that education can be an important tool for promoting growth. Countries are far more likely to attract investment and people are far more likely to find satisfactory unemployment if they have human capital such as marketable skills. Literacy is one such example.
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