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Many in Congress and the administration have called for new investments in education in order to make the United States more competitive, with President Bush stressing the importance of education in preparing young Americans to “fill the jobs of the 21st century.” Yet advocates of early childhood education have only recently stressed the economic benefits of preschool programs, and it has been difficult to win support for these short-term investments given the long-term nature of the benefits to the economy.This policy brief analyzes the impact of a high-quality universal preschool policy on economic growth, concluding that such a policy could add $2 trillion to annual U.S. GDP by 2080. By 2080, a national program would cost the federal government approximately $59 billion, but generate enough additional growth in federal revenue to cover the costs of the program several times over.
Yes, investments in education certainly promote the country's economy only if, and only if, there is an effective strategic and entrepreneurially alerted academic leadership equipped with the right competencies that in a free market. The extant literature asserts that economists and majority of management scholars believe that effective leadership and efficient academic staff performance should lead to quality improvement in university graduates in terms of creative thinking and innovativeness. Such graduates may become business entrepreneurs who establish and successfully run their own businesses and employ laborforce, produce creative products and earn high sales revenues and pay government corporate, or income, taxes that support country's budget, and may reinvest in the economy to expand his business further. In fact, one of the highest priority objectives of the universities' mission is the universities have a fiduciary relationship and trust to increase their communities knowledge and welfare as well. Thus, increased internal and/or external investment in the, for example, in the number of Small and Medium size Entreprises (SME) would and increase employment, sales and revenues which, in turn, increases community welfare.
If investment in education does not enhance the economic growth then what else does? All factors of production are utilized by the most dynamic of them the entrepreneurship.
Today we are witnessing the new revolution of knowledge based economic development which proved that if you own this knowledge resource you can have access and share to other resources irrespective of boarders and countries.
The knowledge of Apple company enabled the U.S Economy to grow sharing the production with China manufacturing power and African mineral resources. Here the fact is knowledge based on education enhanced the US economy. Examples are all over the place.
