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http://www.ifs.org.uk/caytpubs/caytreport04.

pdf
Introduction
there are many long-term benefits Education over individuals,
society and economic conditions of the societies. when the individual
make educational investments, those benefits arise up are called
Private benefit. the most significant private benefit of education is its
impact on employment and wage. Also, individuals could also gratify
private benefits if education effects on other personal consequences,
such as their health, marriage prospects and parenting skills. Also,
education have external benefits if its returns run over to other
individuals in the same city, industry, or economy. People interaction
with greater human capital may increase their productivity. Also,
External benefits could also prolongate beyond expanding labour
market productivity, for example by participating to a more democratic
political process or minimizing crime.
https://www.gov.uk/government/uploads/system/uploads/attachment_d
ata/file/251011/bis-13-1244-things-we-know-and-dont-know-about-thewider-benefits-of-higher-education.pdf
below are deatailed
(Non-Market) Benefits to Individuals
More civic engagement and volunteering :Educated person are
more dependable in the conducting of the welfare state. Also, they are
more likely to think that their contribution in politics is worthwhile than
those who are not educated. In addition, levels of education are related
with higher levels of civic contribution, such as voting, volunteer work,
openness to others opinions and blood donation.
Higher levels of trust and tolerance educated persons have higher
ethnical forgiveness.
education have positive impact on various
citizenship dimensions particularly in terms of positive behavior
towards transmigration.
Less likely to commit crime educated persons have lower levels of
crime amongst those who are not educated. as levels of education
increases, there are important differences in the condemnation rates
for most crimes including drug-related offences, theft, criminal damage
and burglary .
Better educational parenting educated persons are less facing
educational difficulties in their own children, compared with parents
who are educated at lower level. contribution in post-compulsory
education for mothers has positive impacts on the provision of an
educationally stimulating environment for their children.

Longer life expectancy & Better general health educated people


may expect to live longer than those with lower levels of education and
they could report excellent health , compared with a similar individual
educated not educated, as they are more likely keen to avoid the un
healthy behaviors such as drinking excessively and smoking , less
likely to be obese and they are more likely to engage in preventative
care.
Greater life satisfaction educated people contended with life
beyond the impact a degree has on income. Continued formal and
informal education and higher levels of qualifications are associated
with greater individual subjective well-being.
Economic (Market) Benefits to Individuals
Higher earnings: There is a positive relationship between higher
levels of education and higher earnings. Also, in addition to the high
wages, higher level educated employee could enjoy pension benefits
employer-provided and health insurance.
Increased employability and skills development: higher level
graduates are valued by Employers, as they defy how things are done
and handle at things from a contrastive perspective ,employ their
initiative and perform without guidance, absorb knowledge fast, create
new ideas, and Problem solving.
Increased entrepreneurial activity and productivity Individuals
with higher levels of education have higher levels of entrepreneurial
activity .The productivity gain of education and training is around twice
of the increase in wages.

(Non-Market) Benefits to Society


Greater social cohesion, trust and tolerance highly educated individuals
are more trusting and are more indulgent towards immigrants than the lower
educated with resultant advantages to society as a whole. More highly
educated people hold positive thinking over immigrants than those with lower
levels of education, particularly where there is religious variety and areas
where there is unequal income distribution.

Less crime Crime reduction has a large economic benefit and social
benefit in improving well-being and quality of life in wider society. The
evidence is clear on the links between improving levels of education
and corresponding reductions in crime, however the evidence

regarding higher education, as opposed to school level education, is


limited
Political stability
Levels of higher education participation can have positive knock on
effects in terms of civic participation and for the functioning of political
society. Graduates are more likely to vote and participate in public
debates and gaining a degree appears to be a powerful antidote to
political cynicism.
Greater social mobility
There is evidence that increasing overall levels of education do not
necessarily lead to increasing levels of overall social mobility. It is
argued that that the mechanism through which education influences
social mobility is by conferring an advantage to an individual based on
their level of qualification relative to others so that equity in access
to education and closing the attainment gap are important in
increasing social mobility.
Greater social capital
1
Educated individuals are more likely to interact in social networks, as
highlighted through the evidence on participation in voluntary an
charitable organisation and participation in local government.
A lively population of students provides role models for local young
people, and makes for safer streets and a more diverse community.
Economic (Market) Benefits to Society
Increased tax revenues
Greater innovation and labour market flexibility Firms which are
innovative have a higher proportion of their workforce with graduate
level qualifications amongst those firms who are innovative active,
around 5% of the workforce are science graduates and a further 8%
are graduates in other subjects, compared to only 1% and 3%
respectively of firms which are not innovation active
Increased productivity of co-workers
A one percentage point increase in the proportion of the workforce with
a degree, instead of A-levels or equivalent, is estimated to lead to a
0.5% increase in productivity

Productivity in enterprises is estimated to be 30% higher if the entire


workforce has a degree than if none do
Reduced burden on public finances from better co-ordination
with other social policy areas such as health and crime
prevention
A number of studies have indicated that the non-labour market effects
and social externalities (including reduced state non-HE expenditure) is
equivalent to average graduate premium

Faster economic growth


The impact of education on the economic conditions of a society.

The skills available in the labour force and the price of those
skills determine how countries will fare in the global market. As
services and production systems become more complex, they require
workers with higher levels of education. In order to attract and retain
skilled workers, it is important for societies to strike the right balance
between fostering overall equity and offering strong economic
incentives. Increasing attainment levels in the population, better
employment prospects and the increasing earnings that come with
higher educational attainment can all contribute to growth and
prosperity in OECD countries. In this context, labour income growth in
GDP by educational categories provides a simple measure to illustrate
this move towards higher skills and the impact it has on economic
growth.
https://www.american.edu/cas/economics/ejournal/upload/Global_Majority_e_J
ournal_3_1_Sandoval.pdf
By increasing the amount of schooling, students have more time to develop
basic skills in disciplines such as reading, mathematics, and science. Hence,
bolstering the quantity of education should foster human capital, hopefully
bolstering productivity in the long-term. Additionally, a more educated
workforce has a higher capacity for innovation, helping bring about structural
changes to the economy. According to Hanushek and Wmann (2007, p. 24),
several recent studies suggest that education is an important both as an
investment in human capital and in facilitating research and development
and the diffusion of technologies. Hence, increasing the quantity of

education helps students gain more familiarity with technology, which


encourages future innovation and productivity. people who had a more
quality education earned better scores than those who had more schooling.
By focusing on developing cognitive skills with better methods, income
levels improve mainly through speeding up technological process rather than
shifting the level of production function or increasing the impact of an
additional year of schooling.

Conclusion:

The benefits of education are shared by individuals and the societies of which
they are a part. Individuals with college degrees, and to a lesser extent those
who have some college experience but do not have a degree, earn more than
others and enjoy better working conditions. They contribute more to society,
both through higher tax payments and through their civic involvement.
College educated adults also give their children benefits that increase the
prospects that the next generation will prosper and will be in a position to
contribute to society in a variety of ways.

Less exposure to unemployment: Higher levels of education


correspond to lower unemployment and poverty rates. So, in addition
to contributing more to tax revenues than others do, adults with higher
level of education are less likely to depend on social safety-net
programs, generating decreased demand on public budgets.