In the new knowledge based economy, lifelong investments in education and training will become a way of life for individuals and companies and a key to increasing our collective standard of living. In the present economic environment, marked by sweeping technological advances and fast-paced global economic change, investing in education and training over an entire life time is now a fact of life. Lifelong learning will become the norm rather than the exception.
Human capital is our most critical asset.
At the same time, some argue that schooling may not do much to improve productivity and argue that degrees and education attainment convey information about the underlying abilities, persistence, and other individual traits that act as a screening mechanism rather than investments in human capital. Most studies, however, have concluded that the earnings differential between those with more education and those with less education reflects the fact that education raises productivity rather that the fact that more productive students go on to pursue more education. It is becoming increasingly difficult for those without higher education to earn enough to support a middle class standard of living. Labor demand has shifted in favor of more highly skilled and more highly educated workers. The evidence for this shift is clear.