The defining advantage in the new economy. In today's rapidly changing, knowledge-driven society, Ben Franklin's famous aphorism is more relevant than ever. Nobel laureate and UNext director Gary Becker estimates that roughly 70 percent of a nation's wealth today is in the form of human capital. Returns for growth in knowledge, education, and skills are very high in the United States and even higher in underdeveloped countries.
All signs point to the value of education and knowledge in the new economy.
The vast imbalance between the supply and demand for quality education provides an enormous, untapped global market. By all accounts countries, companies, and individuals that don't invest in knowledge are destined to fall behind. In most places, the only way to obtain sufficient access to a pool of skilled knowledge workers is to create that pool through education and training. At the same time, new developments in learning science and technology have facilitated the creation of engaging, interactive course content. And, the increasing prevalence of personal computers and Internet access has enabled global delivery of high-quality education.