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  • PIAAC, a new international adult skill survey developed under the patronage of the OECD, offers novel insights on the role of cognitive skills in modern knowledge-based economies. Research based on these data shows that higher cognitive skills – measured across numeracy, literacy, and ICT domains – are systematically related to higher employment probabilities. Moreover, better cognitive skills are also associated with higher wages in all countries participating in PIAAC, with economically meaningful effect sizes. Among prime-age workers (35-54 years old), going up one out of five competency levels in numeracy skills is associated with increased hourly wages averaging some 18 percent across countries. But perhaps the most striking finding from the international analysis is the substantial heterogeneity in returns to skills across countries. Estimated returns to skills in the countries with the highest returns (the United States, Ireland, and Germany) are roughly twice as large as in the countries with the lowest returns (Sweden, the Czech Republic, and Norway). Intriguingly, returns to skills are systematically lower in countries with higher union density, stricter employment protection, and larger public-sector shares. This new research adds to previous evidence showing that cognitive skills are closely linked to economic growth. An increase in educational achievement by 50 PISA points translates into 1 percentage point higher growth rates in the long run. Importantly, what matters for growth is the skills that people have actually learned, not how long people stayed at school. This evidence strongly calls for a focus on educational outcomes, not just attainment. Given that human capital is a leading determinant of employment, earnings, and economic growth in modern knowledge-based economies such as the European Union, it is all the more worrying that many European countries show a rather poor performance in the recent PIAAC test when compared with the top-performing countries. This signals a dire need for reforms if the European Union wants to prosper in the future. Regarding human capital accumulated at school, a number of rigorous studies show that a good governance framework of the school system and effective teachers are important for achieving high levels of skills among students. However, continuing structural and technological change of the economies clearly asks for skill adaptations and a process of lifelong learning after school. This puts the focus on policies that ensure that skills are effectively retained and used. Furthermore, skills also accumulate by regularly practicing them. This learning by doing seems to develop skills at a faster rate when there is substantial novelty and challenge in the scope of everyday activities undertaken by employees. An economy which has its production composed of intellectually complex activities also appears to grow faster. In fact, more than half of the real per capita income growth in the United States over the period 1980-2010 resulted from an increased complexity of jobs, while just about one-third came from growth in average years of schooling. (xsd:string)
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  • http://www.lllightineurope.com/fileadmin/lllightineurope/download/LLLight_Macroeconomic_Growth_and_LLL_thematicreport_TR6_20150922.pdf. (PIAAC) (xsd:string)
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