Skills and jobs: lessons learned and options for collaboration

Knowledge and skills acquisition is central to human capital development and economic development. Workers with more education have better employment opportunities, have the potential to earn higher wages and have more stable and rewarding jobs. Skills can improve how adaptable and mobile workers are. The more skills present in an economy, the more productive other workers and capital becomes. Skills facilitate the adaptation, adoption, and ultimately invention of new technologies, leading to economic diversification, productivity growth, and raising the standards of living of the population. This paper examines the different types of market failures, and subsequently reviews the role that governments have played in training systems around the world. It presents a set of proposals for reforming and improving these systems to improve labour market outcomes.

 

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