essay on education as investment

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Education as an Investment, Essay Example

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Socially education is esteemed as the only means a parent can invest in his or her children’s future. Philosophically, education is the key to a happy, good, successful satisfying life. What about economically? When economic principles of analyzing investments are applied to education, the results are always astounding. From a businessperson’s perspective, education might be the best investment venture a man can commit to.

In contemporary economics, investment analysis usually employs ROI (Return on Investment) to measure how efficient a financial expenditure is. ROI is a popular scientifically sound metric that is widely used due to its simplicity and versatility. In a snapshot, modern investment parameters state that an investment venture must post a positive ROI if it is to be termed efficient and beneficial. If the ROI is on the negative, such an investment venture should be terminated and or limited in terms of resource allocation.

If we were to apply a similar principle in measuring the continuous investment of resources to education, as an individual or government, then education would sound much the same as printing legal tender at home. This is especially when the subjects of analysis come from minority and low-income families.

Many scholars and sociology experts believe that the US economic future is consequent to successful investment in education. President Barrack Obama has committed his administration to investing billions of dollars in education reform. The base of such decisions is in amplifying the socio-economic status of the young people in the country.

To elaborate on the positive ROI of education, let us use the 2,800 US federal TRIO education programs. These programs assist the low-income students in college education by providing private instruction, counseling, tutoring, mentoring, induction and cultural enrichment of students who could otherwise not make it in college.

ROI Analysis of Education: Case Study

The program costs $7,350 per student. The returns start almost immediately since five times the invested amount is then received back by the government from the additional taxes collectable from all TRIO participants. The TRIO students always graduate from college at much higher rates than the needy students who never receive similar support services. Consequently, the society benefits from having better personnel (educated), improves service delivery, performance efficiency and reduces wastage of time and resources.  It also eliminates one potential criminal from the youth. If such youths were without education, research has shown that 53% of them would be criminals by the time they are 30 years old. Such criminals would then be fed, guarded, treated and hosted by the state free.

The TRIO students then promise and usually commit to mentoring, funding and inspiring others needy students once they settle in a career. That means, they contribute additional funds for the program (construed here as investment capital). That is not all. The TRIO college grads will make a much higher income consequent to education and that will generate a continuous provision of greater tax revenue for the government. When all these benefits are totaled and quantified, it is easy to see that the federal investment capital in the TRIO programs has a positive ROI, one that is overwhelmingly incomparable to the initial capital.

The amount spent to educate a single person is incomparable to the amount generated from and resultant from the opportunities the person gets after that education. The amount spent is tuition fee, books and other education charges since birth are usually earned back within three years of employment and even in a shorter period if the individual continues with higher education. As such, going by ROI, education is a great investment venture for a nation and for an individual.

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Education As An Investment: 12 Great Reasons To Keep In Mind

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It is all about Ed-YOU-cation

Education isn't just about acquiring knowledge. It's an investment in yourself with high returns. It can certainly help you earn more money or get a better job. But did you know that it can also improve your health, both mentally and physically? It makes you the life of investing in educationthe parties! Alright, so it's not the final one, and there are a ton of reasons why education matters. So, put down the coffee, and join in as we explore 12 reasons you should invest in education. Many of us misunderstand the phrase "education as an investment." It involves more than just spending your money; you also need to squeeze in the time, energy, right skills, and willpower to get a good return on investment in education. Here, we will discuss the impact and importance of education as an investment and the risks associated with it. Let’s get started, shall we? 

Impact of Education as an Investment 

Did you know the World Bank reported that every additional year of schooling can increase your income by 10%? Think of education as an investment, as it brings wide-ranging returns. It helps you develop your thinking, communication, and problem-solving abilities — all of which are essential for success in any career path you choose. One study by the U.S. Bureau of Labor Statistics suggests that the unemployment rate for those with bachelor’s degrees was 2.2% compared to 3.6% for those with a high school diploma. Needless to say, education as an investment can inspire you to a healthier life. 

Top 12 Reasons Why Education is an Investment 

Education as an investment is the best decision you can make. It's not just about reading books uncountable times! It's more about getting into the world of possibilities. Here are 12 rational reasons why investing in education is a must. From expanding your horizons and fueling innovation to bridging gaps and boosting economies, education offers unparalleled returns. So why wait? Let's dive into the reasons why invest in education for a brighter future! 

1. Higher Earning Potential  

The fact that the hiring norm has changed from stressing "qualification" to focusing more on "skill" does not change the fact that educational qualification is still important. Investing in education is still one of the best-proven ways of getting better and higher salaries. Earning a degree in any subject translates into having deeper knowledge and expertise in the desired field as compared to someone who doesn't have one. By going to college, students develop their skills by taking up internships, workshops, and seminars and building their credibility for future job roles. You can even invest in the best Coursera courses online to pick up the necessary skills for in-demand jobs. 

2. Networking Opportunities

Educational institutions are built-in professional networks. Your classmates may become future colleagues, and professors can be your mentors. Universities and colleges usually have strong alumni networks that offer career resources and networking events. As we have also entered a new dawn to realise the greatest benefits education can provide, there’s more to capitalise on. Focus on improving connecting with people using networking tips and tricks . Many young people are encouraged to pick on this crucial skill before they hatch into the corporate world. Networking is a golden opportunity to get more job opportunities, deepen your industry knowledge, grow faster, ability to innovate, and build authority. 

3. Unbreakable Work Ethics 

We all have unknowingly mastered the concept of "work ethics" even before landing our first job. How? The early traces of learning and understanding of "work ethics" come directly from our school and college days, with education as an investment backing you up. Whether writing a difficult essay topic, adhering to serious assignment deadlines, or giving a presentation in front of the class, most of us have displayed some traits of work ethics like communication, punctuality, organisational skills, and productivity in the four walls of our classroom. All these soft skills are non-negotiable if you are looking to reach the peak of your career. Hence, investing in your education would be to learn discipline and strengthen these building blocks to help you succeed in the corporate-run. 

4. Personal Development

It is popularly believed that "to invest in education is to invest for a better you." In other words, education as an investment is always a great asset and a huge shaper to your personality development and self-growth. For years, education has helped people use appropriate knowledge to help solve and navigate through different complex problems. It is safe to think of education as an investment to realise the importance of personal development and enhance your skill growth. Then, you can channel your inner confidence and resilience. Educating yourself can help you make a better communicator, decision-maker, and problem-solver. 

5. Better Career Prospects

Are you looking to make a career switch? Or want to upskill in your career? Then investing in education can be your best option. Getting a degree can be a great pathway to transition into higher responsibility roles like administration or leadership. For instance, many professionals take up MBA programmes to upskill and improve their career prospects. Nowadays, certain jobs also require candidates to have a certain level of education or educational degree, which can increase their chances of getting a high-paying position. Moreover, education as an investment empowers you with specialised skills and knowledge highly sought in certain industries. So, education is the best investment to help you utilise the most in-demand skills to learn for the competitive world. 

6. More Job Security  

In recent times, laying off employees and job security has become a very sensitive issue in the job market. However, investing in education can be a great thing because it can lead to avoiding such circumstances and getting top-notch training. Currently, employers tend to cut down on manpower and screen for highly qualified individuals as potential employees. Education as an investment can act as a safety net in these conditions. Furthermore, those who think education is an investment can easily sail against unforeseen changes in the job market due to their broad skill set, deeper knowledge, and expertise in their respective fields. This adaptability can help you maintain stability during uncertain times and is considered a valuable asset.

7. Bringing Out Freedom 

Education's potential is undermined and restricted as a means to attain financial freedom. In reality, education brings more kinds of freedom besides its monetary value. The biggest of all would be its ability to help people think freely. While learning any subject or matter, you will be exposed to multiple perspectives, ideologies, and beliefs which tickle your brain to think critically and question with curiosity. Education encourages people to form their opinions and beliefs, turning them into free-thinkers. Additionally, education helps you think creatively and innovatively and pushes you to seek new ideas and goals.

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8. Unleashing Your Potential

Realising inner talent is one of the biggest reasons many people invest in education and even take student loans for it. In our early school years, we are typically exposed to a wide range of subjects and topics that help us identify our areas of strength and weakness. Some of us were very good with numbers, while others were better at writing poetry. Education allows individuals to polish their skills and talents through specialised degrees, courses, and training programs. Education is an investment that helps you strengthen your base of knowledge and skills in your area of expertise. Then, you can become better equipped to pursue your passion and goals. 

9. Boosting Confidence 

Education is a good investment because it provides knowledge, skills, and abilities for success. As a result, you feel confident in different situations. You can gain social skills, problem-solving abilities, increased self-awareness, and personal growth because of education. Education as investment can make you feel ready to take on challenges as you get more experienced in your chosen industry. Needless to say, investing in education can play a significant role in boosting self-confidence and self-esteem.

10. Need for Self-Dependence

If you consider education as an investment, you can enhance your self-dependency, critical thinking, problem-solving, decision-making, and many other skills. These soft skills help you become more independent and self-reliant. People acquire the capacity to study on their own, look for information, and apply what they have learned to actual circumstances through education. Education as an investment results in increased self-assurance and a sense of accountability.

11. Achieving Goals 

Investing in education helps you reach major goals in your life. Moreover, the importance of education as an investment lies in honing the necessary skills to achieve your major life goals. Education helps you create a strategy for life and get the required knowledge and expertise. Education maintains motivation as well as a goal-focused attitude. Think of education as an investment because it helps everyone achieve objectives by providing them with more networking, mentoring, as well as professional growth chances.

12. Channeling Creativity 

While you may have creativity abilities in you, investing in education can show you the path. Education helps us bring creativity to everything. It exposes us to new ideas, perspectives, and experiences. It pushes us to think outside the box and promotes creative thinking and new approaches. Education can provide you with the abilities needed to express your creativity in a variety of fields, including writing, music, painting, and design. You can develop the self-assurance and skills necessary to follow your creative impulses and realise your original ideas by investing in education.

Benefits of Investing in Education

Education as an investment is more than acquiring knowledge; it is an investment in yourself to unlock a world of possibilities. By dedicating time and effort, you can gain skills that empower you to boost your career, expand your horizons, and lead a fulfilling life. In fact, education is a life-changing experience that happens far outside of the classroom. Let's explore the benefits of education as an investment which goes beyond knowledge gain, character development, and changing the environment.

1. Lifelong Currency

Education is the best investment, offering never-ending benefits and ROI. The skills and information you learn in school are valuable for every step of your life. This intellectual knowledge helps you grow personally. It puts you in a strong position to achieve in an ever-evolving world. 

2. To Make Your Parents Feel Proud

Not only is pursuing an education a personal accomplishment, but it also makes your family very proud. Your educational path becomes a shared success. It represents the values taught by your parents. It leaves a legacy of accomplishment that makes your family happy and satisfied.

3. Shield Against Fraud  

Education is an investment for the future and a strong defence against anything fake you see. A 2021 AARP study found that adults with a college degree were less likely to report losing money to fraud compared to those with a high school diploma or less. So, education is an investment to help you become more aware and less vulnerable to scams and fraud.  

Risks of Investing in Education

While we all believe education is an investment, there is a different side we should keep in mind, too. We understand the benefits mentioned earlier are certainly strong enough to positively impact your decision to study further. However, like with anything else in the world, there are drawbacks that you must take into account before making your choice. Then, you should be ready to deal with the challenges if you want to pursue higher education in future.

1. Uncertain Returns

There is no assurance that the returns on your investment in education will be large enough to cover the costs. Education surely helps you in the employment market, but nobody can predict whether you will be able to make it beforehand. Keep in mind that different people experience different rewards and that they may take longer to manifest.

2. Changing Job Market

Another risk of investing in education is that the job market is constantly evolving. One day, you might find that the knowledge and skills you have acquired are no longer necessary. A good way to assess and overcome this risk is to stay up to date with the industry’s trends and focus on acquiring lifelong learning skills. For this reason, you should try to intern in high-paying part-time jobs and understand the tides of the market.

3. Educational Quality

Since not all programs or educational institutions offer education of the same quality, you should do your research when picking your program and university. This is a crucial step, as picking the wrong program or college might lead to limited career prospects.

4. Rising Costs

Investing in your education is important, but you should also know about the rising tuition fees. Many with high academic aspirations may find it difficult to afford the costs of higher education. The costs include textbooks, tuition, and other educational expenses. If you are running out of budget, you can apply for postgraduation scholarships , which can help you in achieving your dream life. 

5. Opportunity Costs

If you have studied economics, you might be familiar with ‘opportunity costs,’ which refer to resources that you could invest elsewhere that might give you better returns. It’s important to weigh the potential benefits of investing in education against the opportunity costs involved.

Now that you know why we think education is an investment, we hope you can take the next step carefully. Investing in education can profoundly impact our lives and future success! It can open doors and give us the skills and information we need to accomplish our goals, from increasing employment options to sharpening critical thinking skills. Education can also encourage confidence, creativity, and personal development, all of which can contribute to a more contented and meaningful existence. In case you are thinking about higher education abroad, don’t worry about accommodation – amber has got you covered!

Frequently Asked Questions

Is investing in education worth it, when making an educational investment, what is it that you are actually doing, is education an investment or a consumption, why is it important to invest in education, why is college a good investment, who said education is the best investment.

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Investing in public education worldwide is now more important than ever

Subscribe to the center for universal education bulletin, emiliana vegas emiliana vegas former co-director - center for universal education , former senior fellow - global economy and development @emivegasv.

June 19, 2020

In an effort to stop the spread of COVID-19, many schools have had to close, impacting the learning of over 1.5 billion children around the world. With an uneven transition to distance learning, education systems are confronted with more extensive and dire challenges of educational access, equity,  quality, and inclusion. Beyond the immediate impacts of COVID-19 on global learning, the global economic crisis it has precipitated will have lasting impacts on today’s children and youth over the medium and long term. As economic activity slows and government budgets shrink in response to the pandemic, there is a risk that governments will place an emphasis on short-termism that could shift funding away from education and undo some of the progress achieved over the last two decades in increasing public expenditure in education throughout the world.

This positive trend in education financing was the result of decades of efforts across governments, bilateral and multilateral agencies, donors, civil society, and the private sector to improve the access and quality of teaching and learning that enable children and youth to build the skills they need to thrive in work, life, and citizenship in the 21st century. However, even before the pandemic, the impact of increased education expenditure was not necessarily reaching the poorest and most marginalized and has been insufficient for closing the learning gaps between rich and poor nations, and within rich and poor regions within nations.

COVID-19 risks not only dialing back progress achieved in increasing investment and improving student outcomes in education, but further widening learning gaps within and between countries. Governments around the world are prioritizing spending on health and economic stimulus and social safety nets, and while this is undoubtedly the priority in the short term, in the medium term there is a risk that public education investment will decline and leave behind those children and youth around the world who are most in need of high-quality education. Education decisionmakers and stakeholders must grapple with how to ensure much-needed resources and, at the same time, how to build better education systems after COVID-19. How decisionmakers respond to the COVID-19 challenge will have lasting impacts on today’s children and youth.

Together with the World Bank, UCL Honorary Lecturer Vikas Pota, and Argentinian Senator Esteban Bullrich, the Center for Universal Education at Brookings has been convening a series of private roundtables that bring together ministers of education around the globe, heads of education foundations and multilateral institutions to discuss strategic options to ensure that in these times of crisis, children and youth continue to have access to quality education. We have heard from former heads of state, who have generously contributed their time and insights from previous experience having had to make tough decisions to allocate resources in times of financial crises. Here, I summarize three key messages distilled from these conversations.

1. Education must be perceived as part of the solution to rebuilding the economy. Indeed, education accounts for a large share of direct and indirect jobs: Educators, construction workers, food providers, and health workers are some of the direct and indirect jobs that serve educational institutions.

2. Education is the key to a country’s competitiveness in a global economy. Countries that have more highly skilled workers fare better in the tech-based, knowledge economies not only of today but of the future.

3. The extensive use of technology in education during the school closures can be a lever not only for transforming education systems but also entire economies. The challenge is to link schools to the transformation that is needed post-COVID-19, building the breadth of skills needed to rebuild the economy.

Our team at the Center for Universal Education at Brookings is committed to continuing to build and synthesize evidence in support of investing in education efficiently and equitably, to develop tools to help guide decision-makers faced with important trade-offs in resource allocation, and to continue convening ministers of education and stakeholders to facilitate conversations to help mitigate the impact of the financial crises resulting from COVID-19 on education systems worldwide.

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Why we must invest more in education

.chakra .wef-1c7l3mo{-webkit-transition:all 0.15s ease-out;transition:all 0.15s ease-out;cursor:pointer;-webkit-text-decoration:none;text-decoration:none;outline:none;color:inherit;}.chakra .wef-1c7l3mo:hover,.chakra .wef-1c7l3mo[data-hover]{-webkit-text-decoration:underline;text-decoration:underline;}.chakra .wef-1c7l3mo:focus,.chakra .wef-1c7l3mo[data-focus]{box-shadow:0 0 0 3px rgba(168,203,251,0.5);} Lee Jong-Wha

.chakra .wef-9dduvl{margin-top:16px;margin-bottom:16px;line-height:1.388;font-size:1.25rem;}@media screen and (min-width:56.5rem){.chakra .wef-9dduvl{font-size:1.125rem;}} Explore and monitor how .chakra .wef-15eoq1r{margin-top:16px;margin-bottom:16px;line-height:1.388;font-size:1.25rem;color:#F7DB5E;}@media screen and (min-width:56.5rem){.chakra .wef-15eoq1r{font-size:1.125rem;}} Education is affecting economies, industries and global issues

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Education is a fundamental driver of personal, national and global development. Since the beginning of the century, recognition of this has driven many countries to pursue the  Millennium Development Goal  of achieving universal primary education and eradicating gender disparities at all levels of education by 2015. This has contributed to considerable progress in expanding educational opportunities and attainment worldwide. But there is much more to be done.

To be sure, universal primary education has nearly been achieved. Moreover, considerable progress has been made toward gender equality in educational opportunities and attainment. Indeed, enrolment rates for school-age females have increased steadily at all levels, reaching near parity with male enrolment globally. As a result, the gender gap in average years of schooling for the adult population – a widely used measure of educational attainment – has narrowed.

Moreover, in 2010, for people aged 25 and above, the  female-to-male ratio in average years of schooling  was almost 100% in advanced countries and about 85% in developing regions. But, in many low-income countries in sub-Saharan Africa, the Middle East and South Asia, girls still have far less access to education, especially at the secondary and tertiary levels, than boys do.

Significant global disparities also remain in post-primary education and the quality of schooling. In advanced countries,  almost 90% of the population  aged 15-64 has attained at least some secondary education, compared to only 63% in developing countries. Likewise, though more than 33% of the working-age population in advanced countries has achieved some level of tertiary education, the proportion is just 12% in the developing world.

Academic research  suggests that countries with higher per capita income, lower income inequality, and lower fertility rates tend to invest more in children’s education, with public expenditure leading to higher enrollment rates. The logical conclusion is that efforts to promote more inclusive economic growth and improve education systems can raise enrollment among young people in developing countries and reduce disparities between genders and among social groups.

But simply narrowing the gaps in school-enrollment rates and total years of schooling is not enough. Countries must also ensure the quality of their education systems – a key challenge for the coming decades.

As it stands, poor educational outcomes and inefficient education systems are eliciting deep concern worldwide. In many countries, primary schools fail to provide students with appropriate cognitive skills like numeracy, literacy, problem-solving ability and general scientific knowledge.

Furthermore, inadequate education at the secondary and tertiary levels, including technical and vocational education and training, is leaving students unequipped to meet the job market’s changing demands. As a result, many countries are struggling with a mismatch between the skills that employers seek and those that workers have.

Wide disparities in educational quality, often measured by student achievement on international examinations, are evident within and across countries. The results of most internationally comparable mathematics, reading and science exams for primary and secondary students reveal a considerable gap not only between advanced and developing countries, but also across the developing world. According to the  Trends in International Mathematics and Science Study , South Korea had the highest average score (590) in 2011 on the science test for secondary students, while Ghana scored the lowest (306).

Though academic performance is determined largely by family inputs and students’ individual talents, other factors, such as the amount of school resources available to students, also play an important role, as do various other school inputs, such as teacher quality, class size, expenditure per pupil and instruction time.

The institutional features of education systems are another important determinant of student achievement. Private financing and provision, school autonomy and external monitoring and assessment mechanisms  tend to influence the quality of education  by changing the incentives for students and teachers.

In the future, new information and communication technologies are expected to stimulate the expansion of educational opportunities and to improve educational quality at the national and global level, by offering a variety of innovative learning channels. For example, the ability to use new technologies to build borderless networks among schools can offer opportunities for students in low-income countries to learn from teachers in advanced countries – and vice versa.

The imperative is clear. Global leaders must commit to enhancing the quality of education and reduce the education gap by increasing school resources, improving the efficiency of educational institutions, and seizing the opportunities afforded by technological innovation. All of this will serve to enrich human capital, which is essential to boosting productivity and incomes.

Indeed, if such efforts are designed specifically to ensure equal opportunities for all, regardless of gender or wealth, they will be a boon to the global economy, while promoting social cohesion at the national level. When it comes to improving education, there really is no downside.

Published in collaboration with Project Syndicate .

Author: Lee Jong-Wha, professor of economics and director of the Asiatic Research Institute at Korea University, served as chief economist and head of the Office of Regional Economic Integration at the Asian Development Bank and was a senior adviser for international economic affairs to former President Lee Myung-bak of South Korea.

Image:  Palestinian first-graders sit with their schoolbooks during class in the West Bank city of Ramallah February 4, 2013. REUTERS/Mohamad Torokman

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Impact Investing: Why invest in education?

February 15, 2022 •

11 min reading

Did you know, investors around the world are making impact investments to unleash the power of capital for good? In this article, we would like to provide you with the core characteristics of impact investing digging into the education field.

Impact investing definition

Impact investing is first and foremost an alignment of an investor’s beliefs and values with the allocation of capital to address social and/or environmental issues. Impact investing refers to investments “made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return”.

Impact investments can be made in both emerging and developed markets and target a range of returns from below market to market rate, depending on investors strategic goals.

The growing impact investment market provides capital to address the world’s most pressing challenges in sectors such as renewable energy, sustainable agriculture and affordable and accessible basic services including housing, healthcare and education.

The Global impact investing Network defines the Core Characteristics of impact investing with the following four notions:

• Intentionality The investor’s intention to have a positive social or environmental impact through investments.
• Investing with return expectations Impact investing is expected to generate a financial return on capital or, at minimum, a return of capital
• Range of return expectations and asset classes Impact investing targets financial returns that range from below market (concessionary) to risk-adjusted market rate and can be made across asset classes such as cash equivalents, fixed income, venture capital and private equity.

This is the commitment of the investor to measure and report the social and environmental performance and progress of underlying investments, ensuring transparency and accountability while informing the practice of impact investing and building the field.

Impact investing in Education

Many will agree in recognizing Education as the most powerful investment in our future. Research shows that education can make a lasting difference in people’s lives and it is not just good for individuals but also for nations. Investing in education is not just the right move but it is also smart economies.

Education lead path towards health, empowerment, and employment. Evidence shows that each additional year of education boosts a person’s income by 10% and increases a country’s GDP by 18%. Some investigations estimate that if every child learned to read this will mean 170 million fewer individuals would live in poverty. By 2030, over 600 million more children will need to be enrolled in school to achieve basic education for all.

So how can we get more people in school, learning skills that will help them to heal wounds and rebuild their societies?

• We must invest more in education. We need $26 billion more to get people in school and learning.
• We must invest more effectively in learning, improving learning assessment. And being accountable to communities for education results.
• We must invest more equitably to make sure people who are most in need have access to quality learning.

Impact investing challenges

Financing is one of the key barriers to growth within the education sector. Most of impact investments are made to expand school infrastructure and capacity.

Impact investors are looking to strengthen the ecosystem which surrounds the emerging sector to offer quality education in a sustainable manner.

The objective is for institutions to be sustainable and managed independently, in order to generate market demand and drive intense competition between schools.

Invest in Education: An overview

Many low-income countries still lack the resources and capacity to provide Governmental universal basic education of quality. The funding gap needed to provide basic education for all children, youth, and adults has increased to US$ 26 billion.

Education impact investing could mobilize new funding , enable private sector engagement in both public and private education service delivery, and introduce approaches or tools to improve efficiency in the service delivery, promote innovation in teaching and learning methods, and monitor outcomes and systemic effectiveness.

Impact investing in education remains nascent but could deliver immediate financial returns while reaching the most vulnerable beneficiaries.

Investors look at the risk and return of an investment as well as the positive and social impact it may generate.

Because of the perceived lack of innovation in education, private capital can fill a gap through funding direct service provision and spur innovations that increase equitable access, enhance quality, and ensure retention.

Impact capital differs from commercial private capital in that it seeks to reach the most vulnerable beneficiaries and differs from private philanthropic capital in that it seeks to apply market-based innovations to ensure financial sustainability, if not financial profit.

The challenge for impact investors is to catalyze models and approaches that target high impact and financial sustainability simultaneously.

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Invest in education: recommendations.

Investing in Education is a question of mindset. That’s because the decision to investing in this field has a far-reaching impact: on the environment, the economy and society. Investing in Education is investing in tomorrow with a proven commitment to a better world.

Sounds like a good plan? A few key recommendations:

• Maintain realistic expectations – finding high impact and high financial returns in the short-term remains a challenge
• Establish philosophical clarity upfront – funders need to be clear upfront about their priorities and timeline, taking into consideration the positive social and environmental impacts
• Look to interventions in the broader educational ecosystem – from low-cost tablets that revolutionize the textbook industry to back-office management systems to reduce teacher absenteeism
• Consider channeling capital through funds and intermediaries to deploy larger amounts more efficiently – dedicated education intermediaries with proven models that enable investors to overcome fragmentation, diversify risk and invest larger sums
• Adopt a more flexible definition of success – support a model that raises the bar for quality education, pushing the public sector to meet that bar
• Focus on innovation – seek innovation through collaborative processes
• Measure and evaluate impact on education quality and access – request evidence of model effectiveness

Impact investing has emerged in recent years as a potentially promising tool to mobilize additional capital toward the goal of broadening access to quality education.

Impact investing includes a range of funding activities in various sectors that combine financial return with social and environmental good.

Impact capital can help to:

• Experiment – “Prove the Concept”
• Catalyze – “Grow and Refine”
• Scale – “Deploy large-scale Capital“

Models that target higher-income populations with greater spending power present more investment opportunities and can offer attractive or even commercially competitive returns.

Invest in Education: Types of investments

There are several types of investments within the educational sector. School infrastructure investments are the most prevalent and are easily measurable. There is also investment in people that include loan programs, vocational training, teacher training. We can also recognize investment in technology and service models including software development, distance learning programs, and integrated management or back-office support to reduce costs and improve quality, with deals that can be very small and highly risky. Finally, we can also have investment to consolidate the education ecosystem aiming at building a more robust education marketplace.

The investment channel chosen by an investor depends on how much capital it seeks to deploy and how much risk it wants to take.

By investing through intermediaries, investors can deploy more capital, enabling them to take on large-scale projects or spread risk across a range of models with relatively lower transaction costs.

When private commercial funding accounts for an estimated US$500 billion, impact investing comprises about US$3 billion of that subset, representing only a tiny share of overall education funding.

The sector is still in its infancy, meaning that large international players still dominate the landscape and most investors are taking a gradual, opportunistic approach for building their education portfolio, notably due to limited examples of success heightening perceptions of risk. Most finance-first oriented impact investors have targeted middle to upper-middle income customers who have meaningful ability to pay for various for-profit education models, that have proven to also be commercially attractive.

Larger funds and institutional investors tend to seek investments with low transaction costs, lower perceived risk, and greater potential for returns to capital.

Invest in Education: limitations for impact investors

We must recognize also some limitations for impact investors such as lack of innovative education models and innovative financing structure. We also have lack of track records of successful interventions that increase the perception of risk and constrained definition of success that is informed by traditional/commercial investing principles.

Impact investment builds up the education sector as a continuum, paralleling the maturing of a national education system:

• Where government is absent, private sector can fill a gap through direct service provision.
• Where government is present with low capacity, private sector can spur innovations that increase utilization and enhance quality to ensure retention and access to under-served populations.

Strategies for Complementing the Public Sector are transitioning gradually from grants to investments, from private funding to government funding and/or take an already proven business model and extend its reach to more vulnerable populations.

For many impact investors, the ultimate goal of sustainability is demonstrated not only through financial profits and successful exits for them but also through preserving capital until community or the government has the capacity to take over the operations and funding.

Education impact investing has exciting potential to mobilize new sources of funding and develop innovative approaches to education aiming at broadening access to quality education for all.

Models that do generate financial returns are usually targeted toward middle and high-income population.

Instead of focusing on discrete, small deals one-by-one, funders may choose to channel their investments through innovative intermediaries who are able to deploy larger amounts of capital more efficiently; catalyze innovative tools and service providers who are enhancing quality while reducing costs; support the broader education sphere for a healthier marketplace where private and public models can co-exist in the future.

Invest in Education: Supporting Africa

Several studies have indicated that investment in higher education and GDP were positively related in African countries and that higher education had broad benefits for individuals and societies. (Bloom et al, 2006 & 2014)

Knowledge is the single most important engine of growth and the driving force of economic performance in the OECD countries. (Marginson & van der Wende, 2007)

Participation in higher education tends to increase individual’s earnings and induce growth that benefits the entire society, there is an intense debate about who should bear the responsibility for the investment in higher education.

Three kinds of arguments are put forward to justify the allocation of public resources for higher education.

• Education is a right
• Education contributes to society through economic growth and poverty reduction
• Public spending is supposed to be equitable

In response to the mismatch between supply and demand, private universities are growing steadily. Distance education is a strategy that governments may pursue to face budget constraints, but which raises quality issues. (Schendel & McCowan, 2016). The most effective interventions to boost learning appear to be the ones related to teaching.

The development of technologies which help officials to better manage schools and the entire education system is another possible field where technology can be useful.

Recommendations to structure impact investment strategy:

• Strong educational outcomes
• Effective teaching
• Innovative teaching & technologies
• Accreditation
• Professional development
• Extra-curriculum skills
• Professionalization skills
• Highly relevant skills & training
• Job market matching
• Focus on scientific subjects
• Financial incentives (merit scholarship, student loans, low-income populations, rural communities, marginalized youth)
• Non-financial incentives (information programs, marketing campaigns, inclusive infrastructures)
• Stanfield, James (2011) Impact investment in education, Institute of Economic Affairs, Blackwell Publishing, Oxford – UK
• D. Capital Partners (2013) Impact Investing in Education: An Overview of the Current Landscape, Open Society Foundations, Education Support Program, New York – USA
• Marchetta, Francesca & Dilly, Tom (2019) Supporting Education in Africa: Opportunities and Challenges for an Impact Investor, [Technical Report] FERDI, Clermont-Ferrand – France

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ESSAYS ON EDUCATION INVESTMENT DECISIONS

Publication or External Link

This dissertation focuses on the economics of education in developing countries with a particular focus on parental educational investment decisions in China. In Chapter 1, I explore how parents' belief affect their investments in children's education using a randomized field experiment with parents of high school students in China. I document two types of information frictions that result in systematic biases in parents' beliefs about children's ability: overconfidence in future performance and underestimating college admission requirements. I then introduce two interventions to correct parents' belief biases. In the first intervention, I use machine-learning techniques to generate predictions on children's future academic performance and distribute them to randomly selected parents. In the second intervention, I give randomly selected parents a report that lists the feasible colleges corresponding to their children's current academic performance. I find that both interventions lead to dramatic reductions in belief biases. In addition, parents report higher levels of monetary investments in children's education, which significantly improved children's academic performance. I also find significant non-linearity in the impacts of ability belief on parental educational investments around their aspirations.

In Chapter 2, I investigate the impacts of peer effects on parental educational investment decisions. Using a randomized experiment with 3379 parents of high-school students in China, I identify two channels of social influence in parents' decisions on children's educational investments: parents adjust their decisions based on other parents' behaviors because they learn from other parents' decisions ("social learning") or because their children are facing competition from peers ("competition externality"). I find that both channels have statistically significant effects on parents' investment decisions and increase their willingness to buy an educational service by over 20%. Although the average effects of the two channels are not statistically different, the main channels of peer effects are heterogeneous by parents' educational background: parents with higher education, higher income, and those who only have one child are more likely to learn from peers' decisions whereas those with lower education, lower-income, and more than one child are mainly incentivized by the competition externality.

Chapter 3 provides a theoretical explanation for the empirical findings documented in Chapter 1. I introduce the reference-dependent utility theory into the parental education investment decisions by cooperating parents' aspirations into their utility and assuming parents' utility function is discontinuous at the thresholds of achieving aspirations. The modification generates an interesting non-monotonic correlation between ability and optimal educational investments around the aspirations. When children haven't achieved their aspirations, parental educational investment is substitutive to children's ability - the lower the ability, the higher the investment. In contrast, when the aspirations are already reached, parents' investment becomes complementary to children's ability - the higher the ability, the higher the investment. This model can rationalize the remedial investments behaviors.

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AI Index Report

Welcome to the seventh edition of the AI Index report. The 2024 Index is our most comprehensive to date and arrives at an important moment when AI’s influence on society has never been more pronounced. This year, we have broadened our scope to more extensively cover essential trends such as technical advancements in AI, public perceptions of the technology, and the geopolitical dynamics surrounding its development. Featuring more original data than ever before, this edition introduces new estimates on AI training costs, detailed analyses of the responsible AI landscape, and an entirely new chapter dedicated to AI’s impact on science and medicine.

Read the 2024 AI Index Report

The AI Index report tracks, collates, distills, and visualizes data related to artificial intelligence (AI). Our mission is to provide unbiased, rigorously vetted, broadly sourced data in order for policymakers, researchers, executives, journalists, and the general public to develop a more thorough and nuanced understanding of the complex field of AI.

The AI Index is recognized globally as one of the most credible and authoritative sources for data and insights on artificial intelligence. Previous editions have been cited in major newspapers, including the The New York Times, Bloomberg, and The Guardian, have amassed hundreds of academic citations, and been referenced by high-level policymakers in the United States, the United Kingdom, and the European Union, among other places. This year’s edition surpasses all previous ones in size, scale, and scope, reflecting the growing significance that AI is coming to hold in all of our lives.

Steering Committee Co-Directors

Ray Perrault

Steering committee members.

Erik Brynjolfsson

John Etchemendy

Katrina Ligett

Terah Lyons

James Manyika

Juan Carlos Niebles

Vanessa Parli

Yoav Shoham

Russell Wald

Staff members.

Loredana Fattorini

Nestor Maslej

Letter from the co-directors.

A decade ago, the best AI systems in the world were unable to classify objects in images at a human level. AI struggled with language comprehension and could not solve math problems. Today, AI systems routinely exceed human performance on standard benchmarks.

Progress accelerated in 2023. New state-of-the-art systems like GPT-4, Gemini, and Claude 3 are impressively multimodal: They can generate fluent text in dozens of languages, process audio, and even explain memes. As AI has improved, it has increasingly forced its way into our lives. Companies are racing to build AI-based products, and AI is increasingly being used by the general public. But current AI technology still has significant problems. It cannot reliably deal with facts, perform complex reasoning, or explain its conclusions.

AI faces two interrelated futures. First, technology continues to improve and is increasingly used, having major consequences for productivity and employment. It can be put to both good and bad uses. In the second future, the adoption of AI is constrained by the limitations of the technology. Regardless of which future unfolds, governments are increasingly concerned. They are stepping in to encourage the upside, such as funding university R&D and incentivizing private investment. Governments are also aiming to manage the potential downsides, such as impacts on employment, privacy concerns, misinformation, and intellectual property rights.

As AI rapidly evolves, the AI Index aims to help the AI community, policymakers, business leaders, journalists, and the general public navigate this complex landscape. It provides ongoing, objective snapshots tracking several key areas: technical progress in AI capabilities, the community and investments driving AI development and deployment, public opinion on current and potential future impacts, and policy measures taken to stimulate AI innovation while managing its risks and challenges. By comprehensively monitoring the AI ecosystem, the Index serves as an important resource for understanding this transformative technological force.

On the technical front, this year’s AI Index reports that the number of new large language models released worldwide in 2023 doubled over the previous year. Two-thirds were open-source, but the highest-performing models came from industry players with closed systems. Gemini Ultra became the first LLM to reach human-level performance on the Massive Multitask Language Understanding (MMLU) benchmark; performance on the benchmark has improved by 15 percentage points since last year. Additionally, GPT-4 achieved an impressive 0.97 mean win rate score on the comprehensive Holistic Evaluation of Language Models (HELM) benchmark, which includes MMLU among other evaluations.

Although global private investment in AI decreased for the second consecutive year, investment in generative AI skyrocketed. More Fortune 500 earnings calls mentioned AI than ever before, and new studies show that AI tangibly boosts worker productivity. On the policymaking front, global mentions of AI in legislative proceedings have never been higher. U.S. regulators passed more AI-related regulations in 2023 than ever before. Still, many expressed concerns about AI’s ability to generate deepfakes and impact elections. The public became more aware of AI, and studies suggest that they responded with nervousness.

Ray Perrault Co-director, AI Index

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Financial Aid: Each paper may designate up to one (1) NeurIPS.cc account email address of a corresponding student author who confirms that they would need the support to attend the conference, and agrees to volunteer if they get selected. To be considered for Financial the student will also need to fill out the Financial Aid application when it becomes available.

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Religious restrictions around the world

For more than a decade, Pew Research Center has been tracking global patterns in restrictions on religion – both those imposed by governments and hostilities committed by individuals and social groups. Scroll down to explore restrictions in 198 countries and territories, and see how each country’s restrictions have changed since 2007.

For more details on restrictions on religion around the world, read our latest report on the topic, “Globally, Government Restrictions on Religion Reached Peak Levels in 2021, While Social Hostilities Went Down.”  

Note: Government restrictions include laws, policies and actions by authorities that impinge on religious beliefs and practices, while social hostilities involving religion include actions by private individuals or groups in society that limit such practices.

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Budget 2024 Fairness for every generation

The 2024 federal budget is the government’s plan to build more homes, faster, help make life cost less, and grow the economy in a way that helps every generation get ahead.

How our economic plan can help you

Buy or rent a home.

We’re turbocharging the construction of homes across the country, and protecting the rights of renters, first-time buyers, and homeowners.

Tax-free First Home Savings Account

Over 750,000 Canadians have opened an account to save for their first down payment, and save faster with the help of tax relief.

Protecting Renters’ Rights

Our new Canadian Renters’ Bill of Rights will protect renters from unfair practices, make leases simpler, and increase price transparency.

Enhancing the Canadian Mortgage Charter

The Canadian Mortgage Charter is helping to protect homeowners who are struggling with rising mortgage payments. We are enhancing it to make it easier for younger Canadians to buy their first home, by making sure renters get credit for their rent payments and allowing up to 30-year mortgage amortizations on new builds for first-time home buyers.

Raise your family

Transforming Canada’s social safety net to help young parents with the cost of raising a family.

National School Food Program

A new National School Food Program will ensure that children have the nutritious meals they need to succeed and get a fair start in life.

More $10-a-day Child Care Spaces

We’re on track to securing Canada-wide $10-a-day child care in every province and territory by 2026, and fees have already been cut by 50 per cent everywhere, saving families thousands of dollars. We’re building more spaces and training more early childhood educators to ensure every family can access affordable child care.

Dental Care for Canadians Who Need It

The Canadian Dental Care Plan is already rolling out for uninsured Canadians with a family income of less than $90,000, to ensure everyone can afford the dental care they deserve. By 2025, nine million Canadians will be covered.

Get a good-paying job

Creating new opportunities for younger Canadians to get the education and skills they need for good-paying jobs.

Increasing Interest-Free Student Loans

Increasing Canada Student and Apprentice Loans and Grants, because everyone who wants to go to school should have the support they need to cover the costs.

More Work Experience and Skills Training for Youth

Helping young Canadians develop the skills and gain the work experience they need to achieve their dreams and get a good-paying job.

Canadian Apprenticeship Strategy

Supporting skilled trades workers by tooling up training programs and creating more apprenticeship positions to ensure young apprentices succeed.

Afford everyday essentials

Helping Canadians keep more of their money and build a better life by stabilizing the cost of everyday essentials.

Stabilizing the Cost of Groceries

Enhancing competition and monitoring grocers’ work to help stabilize prices, and lowering costs for the farmers who grow our food.

National Pharmacare Program

New programs to help with the cost of going to the dentist and pharmacy, including the cost of contraceptives and insulin, will further ease the financial burden on Canadians.

Cheaper Internet, Home Phone, and Cell Phone Plans

Lowering costs of plans, reducing junk fees, and giving Canadians more choice to switch providers and find better deals.

Retire safely and securely

After a lifetime of working hard—Canadians deserve to know they will be secure and comfortable in retirement.

A Stronger Canada Pension Plan

Enhancing the CPP to increase pension benefits by up to 50 per cent.

Supporting Long-Term Care

Advancing the Safe Long Term Care Act to support new national long-term care standards.

Bigger Benefits for Seniors

Increased Old Age Security and Guaranteed Income Supplement ensures seniors have the financial support they need in retirement.

Budget 2024 highlights

750,000+ Tax-Free First Home Savings Accounts opened by Canadians

Solving the Housing Crisis: Canada’s Housing Plan

Unlocking 3.87 million net new homes by 2031, to ensure everyone can find an affordable place to call home. And, we’re making it easier to rent while saving for that first home.

• Changing how we build homes
• Unlocking 250,000 new homes on public lands
• The strengthened Canadian Mortgage Charter

Learn more about making homes more affordable .

Fairness for younger generations

The government is helping restore fairness for Millennials and Gen Z by making education, housing, and the everyday costs of living more affordable.

• Increasing student grants and loans to keep up with the costs of an education
• Launching a new Youth Mental Health Fund for access to support they need
• Providing job placement and employment support opportunities through the Youth Employment and Skills Strategy

90,000 new job opportunities for youth

Investing $2.4 billion to secure Canada’s AI advantage

Economic growth and productivity

Budget 2024 makes investments in innovation, growth, and increased productivity in Canada.

Budget 2024 includes new measures to accelerate job growth in Canada’s AI sector and beyond, boost productivity by helping researchers and businesses develop and adopt AI, and ensure this is done responsibly.

• Investing in Canada’s AI ecosystem
• Enhancing research support with $1.8 billion more in core research grant funding
• Creating the Canadian Entrepreneurs’ Incentive

Learn more about the government’s plan to enhance innovation and productivity in Canada .

Unlocking 3.87 million new homes by 2031.

Over 1.1 million more Canadians employed today than before the pandemic.

Affordable child care is supporting a record high 85.4% labour force participation rate for working aged women.

Economic and Fiscal Overview

The state of canada’s economy.

The Canadian economy is outperforming expectations. Both the IMF and the OECD project Canada to see the strongest economic growth in the G7 in 2025. In the face of higher interest rates, Canada has avoided the recession that some had predicted. Headline inflation has fallen significantly from its June 2022 peak of 8.1 per cent to 2.8 per cent in February 2024.

Chart 6 Consumer Price Inflation Outlook

Note: Last data point is 2024Q4.

Sources: Statistics Canada; Department of Finance Canada March 2024 survey of private sector economists.

Economic and Fiscal Projections

We’re asking the wealthiest to pay a bit more, their fair share, to keep taxes lower on the middle class, and ensure the next generation inherits not more debt, but Canada’s prosperity.

Budget 2024 is investing in fairness for every generation while delivering on our fiscal objectives. Canada is maintaining the lowest net debt- and deficit-to-GDP ratios in the G7, preserving Canada’s long-term fiscal sustainability.

Chart 21 Federal Debt-to-GDP Ratio Under Economic Scenarios

Sources: Department of Finance Canada March 2024 survey of private sector economists; Department of Finance Canada calculations.

Improving Tax Fairness for Every Generation

Tax fairness is important for every generation, and it is particularly significant for younger Canadians.

To make the tax system more fair for 99.87 per cent of Canadians, the inclusion rate for capital gains—the portion on which tax is paid—for the wealthiest with more than $250,000 in capital gains in a year will increase from one-half to two-thirds. Only 0.13 per cent of Canadians with an average income of $1.42 million are expected to pay more personal income tax on their capital gains in any given year.

Principal residences will continue to be exempt from capital gains.

Chart 8.4 Canada Has the Lowest Marginal Effective Tax Rate in the G7

Backgrounders

• Key Measures (available in non-official languages)
• Key Measures
• More Affordable Homes
• A Stronger Social Safety Net
• Fairness for Younger Generations
• Economic Growth and Productivity
• Growing Small Businesses
• Safer, Healthier Communities
• A Fair Future for Indigenous Peoples
• Tax Fairness for Every Generation

Related documents

• News Release
• Address by the Deputy Prime Minister and Minister of Finance
• Canada’s Consumer-Driven Banking Framework
• Statement and Impacts Report on Gender, Diversity, and Inclusion
• Legislative Measures
• Tax Measures: Supplementary Information

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