The economic benefits of training to the individual, the firm and the economy: the key issues


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Author: Machin, Stephen; Vignoles, Anna

Corporate author:

Great Britain. Department for Education and Skills. Centre for the Economics of Education (CEE)


This report provides a summary of the current state of knowledge on the economic benefits of training. Economic benefits of training to the individual are considered in terms of higher wages and better job prospects, to the firm in terms of increased productivity and profitability, and to the economy in terms of higher economic growth and other benefits to the society as a whole. The authors begin by outlining a number of theoretical issues relating to the analysis of the impact of training. Empirical evidence on the benefits of training is then reviewed and the gaps and problems with...  [+] Show more

Subjects: Workforce development; Income; Research; Skills and knowledge; Economics; Industry; Performance; Employment; Finance; Teaching and learning

Keywords: Wage; Research needs; Human capital; Economy; Economic growth; Enterprise; Productivity; Employees; Training investment; Training

Geographic subjects: Europe; Great Britain

Published: London, England: Cabinet Office, 2001

Physical description: 25 p.

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Statement of responsibility: Stephen Machin and Anna Vignoles

Resource type: Report

Document number: TD/TNC 72.517

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