We are Living in an Age of Knowledge Economy Built on...

We are living in the age of knowledge economy. The most essential push to economic development in this time is the accessibility to skilled labor. Skilled labor requires investment in current education. The further the level of education of the people, the better prepared they are to understand new material, acquire new skills and familiarize themselves with new technologies. Many studies have already reinforced the view that education and economic progression are related (Mankiew et al., 1992). There is a solid link between these two categories. Education adds to economic growth and with that, economic growth supplies to human well being by furthering available opportunities for them. Education certainly has an effect on many aspects of life. It improves the living standard of the people. The progress of economy means the rise in per capita income. For example, according to the Bureau of Labor Statistics, those with only a high school education are twice as likely to be unemployed as those with at least a bachelor’s degree (Rothwell, 2013). Within the employed, the average college educated worker earns 84 percent more than the average worker with only a high school education. Even those with just some college and no degree or an associate’s degree earn 16 percent more. College educated workers are much more likely to be in the labor force (Rothwell, 2013). By increasing per capita income, education allows people to be more aware about their own and family health asShow MoreRelatedImmigration And Its Impact On America Essay1239 Words   |  5 Pagesconstitutes a model for other nations. In that sense, every immigrant that set foot on the American soil, contributed to the creation of the political, social and cultural American power house. 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Many of these aspects are discussed and defined within Abramitzky, Boustan, and Eriksson’s paper â€Å"A Nation of Immigrants: Assimilation and Economic Outcomes in the Age of Mass Migration† and Peri’s paperRead MoreThe Impact of Production Offshoring on Labor in Developing Countries2917 Words   |  12 PagesThe Impact of Production Offshoring on Labor Force in Developing Countries Name: CHEN, Jiangying Student ID: 08577449 Date: 30/11/2010 Table of Content 1. Introduction...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦3 2. Definition of Core Concepts†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..3 a) Production Offshoring.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...3 b) Labor Force†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 3. Beneficial Impacts†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 4. Harmful Impacts†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦7 5.Read MoreIn The Late 20Th Century, Technology Began Advancing So1884 Words   |  8 PagesIn the late 20th century, technology began advancing so quickly that entire world economies underwent extraordinary transformations in very little time. It used to be only a handful of powerful people and corporations interacting in global trade and commerce, but technology has made it so â€Å"countries like India are now able to compete for global knowledge,† giving leaders and companies the ability to work with more nations than ever before (Friedman 7). The internet has given men and women the powerRead MoreBig Business vs. Labor, 1870-19254685 Words   |  19 PagesDream of economic prosperity through self-improvement in a laissez faire economy. In response to the exploitation of monopolistic big business owners such as John Rockefeller and Andrew Carnegie, laborers formed labor unions in attempts to gain political momentum and achieve reforms in labor. At first, the governmen t sought to interfere minimally in the affairs of the powerful corporations and maintain a laissez faire economy. Theories such as Social Darwinism, Gospel of Wealth and Adam Smiths invisibleRead MoreThe, America, By Ralph Waldo Emerson2157 Words   |  9 Pagessinking economy, generations today have been so much pampered by the resources provided by the government that nobody wants to work no body wants to take the hard route anymore. There, in fact, is absolutely no evidence to support the statement that America the greatest country in the world anymore. We are seventh in literacy, twenty-seventh in math, twenty-second in science, forty-ninth in life expectancy, 178th in infant mortality, third in median household income, number four in labor force,Read MoreThe Influence of Immigration in America2615 Words   |  11 PagesRunning head: (THE INFLUENCE OF (The influence of Immigration of America) Bonnie McMullen University of Phoenix Thesis statement America was built by all migrants because this land long before anyone came to this country the land belonged to the Indians. 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