Report
Fixing schooling is the first emergency in countries in economic difficulty
A low employment rate leads to a long list of economic problems: high income inequality before redistribution, high tax burden or chronic fiscal deficit, declining per capita income, especially due to population ageing. But a low employment rate is closely associated with low labour force skills and high corporate taxes (but these are inevitable to finance redistributive policies when the employment rate is low). Lastly, low skills are mainly due to the poor quality of the education system. The most important policy in economically distressed countries is therefore to fix schooling: this will result in improved skills, higher employment rates and ultimately an end to economic difficulties (inequality, public finance problems, declining purchasing power).
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Natixis
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Patrick Artus
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