the global labor force’s average time in school went from 2.8 to 8.3 years from 1960-2010. How much richer should these countries have expected to become? In 1965, France had a labor force that averaged less than 5 years of schooling and a per capita income of $14K (at 2005 prices). In 2010, countries with a similar level of education had a per capita income of less than $1000. Moreover, much of this increase cannot possibly be attributed to education, as workers in 2010 had the advantage of technologies that were 50 years more advanced than those in 1960. Clearly, something other than education is needed to generate prosperity.

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