The premise of this essay is presented in admirably concise form: "what creates! the best capital? Answer: An educated populace."
The supporting evidence, however, strikes me as somewhat lacking:
1) A web page listing seven reasons why education is supposed to be important. The first four reasons given are backed up by correlations, not causations: the positive outcomes could easily have other causes which happen to correlate with education, e.g. family wealth leading to better education (rather than the other way around). The next two are not backed up by anything, they are just claims offered without evidence. The last one simply states the funding needed to achieve "EFA goals" and does not even pretend to belong in the list.
2) Another web page invoked to show that "education generates the innovation (physical and social) that creates an abundant future for everyone." On inspection, the page in question turns out to be about the benefits of entrepreneurship and, consequently, of entrepreneurship education. To the extent that any relationship to general education can be inferred from that page, it runs in reverse: entrepreneurship education is noted to improve academic performance and interest in attending college.
3) Yet another web page listing factoids which either prove nothing either way (e.g. "about 61 million primary school aged children are out of school") or make claims of causation while only offering correlations as "proof" (see above).
I think it's possible to do a little better than this. The question how education increases human capital has been the subject of serious studies. Here are a few well known examples:
- In Where has all the education gone?, Lant Pritchett found that "the association of educational capital growth with conventional measures of total factor production is large, strongly statistically significant, and negative".
- In Does Education Matter? Myths about Education and Economic Growth, Alison Wolf found that higher public expenditure on education reduces economic growth.
- In Going Broke by Degree: Why College Costs Too Much, Richard Vedder showed that the economies of US states which spent less on their universities grew faster than the economies of those which spent more.
Many others have repeatedly pointed out that the economy is not exactly screaming for more graduates. So how exactly would it be helped by having even more?