It is a scientifically proven fact that improving education, especially for lower-income parts of the society, has far-reaching benefits for a country. Benefits are not limited to simply stimulating and sustaining innovation, but also include reduction in crime rates (including domestic violence against women), and improvement of public health.
Hence, improving education improves a country's economy in two ways: by enhancing the technological competitiveness and by reducing expenses (e.g. for prisons or health care).
The down-side of investments in education is that it pays off only in 10-20 years. Since most democratic leaders of countries are elected for one or maximum two 4-5 year terms, such investment would not be beneficial. And it is preferred to invest in economic projects that pay off in the short-term, ideally before the next elections.
In this regard, it's good to be the King. For example Saudi Arabia's King Abdullah has put in place a 15 year program to pay studies abroad for Saudi students - currently 130,000 (26,000 women) in 46 countries. Fellowship recipients receive full university tuition coverage, as well as full medical and dental insurance, a monthly stipend, materials allowances, and annual airfare vouchers for the student and his or her family to Saudi Arabia and back to the host country. Recipients’ families receive the same insurance coverage, and joint scholarships are given to students with spouses.
As a welcome side-effect, these students will showcase their own culture abroad and, in turn, obtain deep insights in foreign cultures.
It certainly helps to have a bit of spare oil money to spend - however the cost of this program is probably only a small fraction of the yearly US military budget.
Hence, improving education improves a country's economy in two ways: by enhancing the technological competitiveness and by reducing expenses (e.g. for prisons or health care).
The down-side of investments in education is that it pays off only in 10-20 years. Since most democratic leaders of countries are elected for one or maximum two 4-5 year terms, such investment would not be beneficial. And it is preferred to invest in economic projects that pay off in the short-term, ideally before the next elections.
In this regard, it's good to be the King. For example Saudi Arabia's King Abdullah has put in place a 15 year program to pay studies abroad for Saudi students - currently 130,000 (26,000 women) in 46 countries. Fellowship recipients receive full university tuition coverage, as well as full medical and dental insurance, a monthly stipend, materials allowances, and annual airfare vouchers for the student and his or her family to Saudi Arabia and back to the host country. Recipients’ families receive the same insurance coverage, and joint scholarships are given to students with spouses.
As a welcome side-effect, these students will showcase their own culture abroad and, in turn, obtain deep insights in foreign cultures.
It certainly helps to have a bit of spare oil money to spend - however the cost of this program is probably only a small fraction of the yearly US military budget.
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