The large growth effects of educational performance imply that low educational performance is very costly to society. Based on the relationship between educational performance and economic growth, we can perform projections of the future growth paths of the economy with given and improved educational performance. The thus calculated economic costs of low educational performance in terms of foregone future growth in developing countries are stunning. In this, the projected gains from improving the current quality of schools are substantially larger than those from expanding enrollment at the current quality. As a consequence, the primary development goal should be that all youths around the world achieve at least basic skills. The importance of such a goal of universal basic skills for inclusive world development would be immense.
Here you can find a short non-technical overview on this topic.
Universal Basic Skills: What Countries Stand to Gain (with E.A. Hanushek). Paris: Organisation for Economic Co-operation and Development, 2015
Teach the World: Why the UN Sustainable Development Goals Should Focus on Education (with E.A. Hanushek). foreignaffairs.com, 20.8.2015
Teach All Young People Universal Basic Skills by 2030 – It Will Give Huge Boost to GDP (with E.A. Hanushek). The Conversation UK, 18.5.2015
Universal Basic Skills Should Become the Primary Development Goal (with E.A. Hanushek). VOX, 24.5.2015
Access to Education: Perspective Paper. In: B. Lomborg (ed.), Global Crises, Global Solutions, Cambridge: Cambridge University Press, 241-250, 2004
Das zentrale Entwicklungsziel sollten Grundkompetenzen für alle Kinder sein (with E.A. Hanushek). ifo Schnelldienst 68 (10): 27-31, 2015