When a state has a well-educated workforce, it prospers. In fact, a study published in 2006 showed that high school and college attainment rates are factors closely linked with how prosperous a state can become.
Also, Noah Berger’s book, A Well-Educated Workforce is Key to State Prosperity reflects upon how states can improve their growth rates by making education attainment a priority.
States With Higher Education Attainment Tend Are Generally More Successful
We cannot get around the fact that we live in a globally competitive job market where performance is key for the individual worker, the company they work for, and for the states and countries themselves.
States who make it a priority to raise the standard of living for their citizens also tend to make education a priority. Investing in education is one of the best solutions to increasing state success.
States with higher college education attainment rates have seen higher productivity rates among their workforce populations.
Also, since higher productivity rates are associated with better wages for workers, states with a more educated workforce are far more likely to have higher median wages.
In the long-run, state budgets benefit from investing in education since educated workers are able to contribute more to taxes throughout their careers since they tend to become higher wage-earners than their counterparts who do not receive a college education.
Education and Economic Policy Development Go Hand-in-hand
In the state of Indiana, policy analysts are carefully considering the arguments Berger makes in his book and are looking into ways to slow down college tuition rate hikes, enhance financial aid opportunities for prospective students, invest in better K-12 educational opportunities, and develop new university programs that will attract students.
The goal of developing economic policies to advance educational opportunities is to create more driven and self-sufficient workers who will not need to rely on governmental welfare assistance programs to help them get by.
Simply trying to attract the interest of out-of-state private investors or cutting taxes to appeal more to employers are short-run strategies that have already proven to be ineffective, so economic policies geared at improving a state’s prosperity are focusing increasingly more on education.
Stabilizing and Boosting Struggling State and Local Economies
When an area has an increasing population of well-educated workers, there tends to be a more pronounced local resilience to both economic and social declines.
In fact, highly-educated workers with entrepreneurial minds tend to go the extra mile to develop new and successful economic trends within their communities.
States and their communities also become safer when there is more emphasis placed on education. As Lochner and Moretti demonstrate, high school graduation and college education stave off crime, thereby reducing social expenses on incarceration and law enforcement.
How Online Resources Can Help
As many of you are well aware, college is expensive, and it doesn’t always provide students with all of the resources they need.
One of the ways that individuals can access resources to help them with their education and to become more productive workers is through websites like coursera, simplilearn,khan academy and Course Hero, which are learning platforms that students can use to access tutors, look up study resources, and share their own study resources with other students.
The company is transparent about their objectives and achievements and offers up a great work environment for educators.
Essentially, productivity breeds productivity, and students who are able to access online resources and share with one another are giving back to their states by propelling themselves forward as better-educated members of the workforce.
Overall, states can benefit from having a well-educated workforce since this tends to drive up productivity and median income levels.
States with better college attainment rates are seeing some positive economic and social growth, showing other states that education is not so much an expense as it is a return on a good investment.