Abstract
Rapid technological development makes skills depreciate faster than in the past while new technologies generate gaps in workers’ skills and call for the acquisition of proper skills and lifelong learning. Proper skill mixes for future jobs include strong cognitive skills, basic information and communication technology, and analytical skills, as well as a range of noncognitive skills such as creativity, problem-solving, critical thinking, and communication. Retraining and reskilling workers is also crucial. All these changes lead to a major rethinking of education and skill training throughout a person’s life. This paper reviews the recent studies on human capital and skill formation in the era of rapid technological progress. Findings from these studies particularly in labor economics can shed light on new directions for lifelong education policies.
Highlights
Recent rapid development of new technologies opens up new opportunities for both businesses and workers
The readiness to adopt and implement new technologies varies significantly across economies, industries, and enterprises. Such readiness can be assessed by economic infrastructure and business operations
What kind of lifelong learning policies should be adopted in this era of rapid technological progress? In this report, we gather recent findings from theoretical and empirical studies in labor economics, especially in the education economics literature, that deals with the effects of education policies and systems in order to reveal new directions for policies in this area based on the recent studies and findings
Summary
Recent rapid development of new technologies opens up new opportunities for both businesses and workers. Other increasingly important skills include interpersonal and communication skills and emotional skills such as self-awareness and the ability to manage stress and adapt to changes All these changes lead to a major rethinking of education and skill training. We gather recent findings from theoretical and empirical studies in labor economics, especially in the education economics literature, that deals with the effects of education policies and systems in order to reveal new directions for policies in this area based on the recent studies and findings Based on these findings, we suggest new directions for lifelong learning policies to help people accumulate and maintain skills and prepare them for future work. The gap between skill and nonskill workers will aggravate the trend of income inequality, leading to social instability and undermining inclusive growth efforts
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