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The Economy Goes To
College:
The Hidden Promise of Higher Education
in the Post-Industrial Service Economy
Anthony P. Carn...
Overview
•  College-educated workers make up only 32 percent of
the workforce, but now produce more than 50 percent
of the...
Two main drivers in the shift to a high-wage service economy
•  We have shifted consumption from goods to services.
•  The...
Between 1967 and 2007, manufacturing jobs declined
Source: Georgetown University Center on Education and the Workforce ana...
Business services employed more people between 1967
and 2007
Source: Georgetown University Center on Education and the Wor...
•  Today, farmers account for only 5 percent of the
value added in food production. Almost 20
percent of the value added i...
•  There has been a large decline in low-skill jobs that
require a high school education or less.
•  There has been a subs...
From 1967 to 2012, more college educated workers
joined the workforce
Source: Georgetown University Center on Education an...
Conclusion
•  The largest increases in high-skill jobs occurred in
exports, business services to individuals, housing and
...
For more information:
See the full report at: cew.georgetown.edu/EconomyGoesToCollege
	
  
Email Us | cewgeorgetown@george...
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The Economy Goes to College

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The report analyzes long-terms changes in how goods and services are produced. The report finds that college-educated workers now produce more than half of the nation’s annual economic value.

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The Economy Goes to College

  1. 1. The Economy Goes To College: The Hidden Promise of Higher Education in the Post-Industrial Service Economy Anthony P. Carnevale and Stephen J. Rose April 13, 2015
  2. 2. Overview •  College-educated workers make up only 32 percent of the workforce, but now produce more than 50 percent of the nation’s economic output. •  The dramatic increase in the economic value generated by college-educated workers is directly linked to the rise of a college-educated service economy. •  The mass production of standardized goods and services has been replaced by more complex consumer demands.
  3. 3. Two main drivers in the shift to a high-wage service economy •  We have shifted consumption from goods to services. •  The production of goods has dropped below 15 percent. Source: Georgetown University Center on Education and the Workforce analysis of data from the U.S. Department of Commerce, Bureau of Economic Analysis, 1947-2011.
  4. 4. Between 1967 and 2007, manufacturing jobs declined Source: Georgetown University Center on Education and the Workforce analysis of U.S. Department of Commerce, Bureau of Economic Analysis, Input-Output Accounts, 1967-2007. *Values may not sum to total due to rounding.
  5. 5. Business services employed more people between 1967 and 2007 Source: Georgetown University Center on Education and the Workforce analysis of data from the U.S. Department of Commerce, Bureau of Economic Analysis, Input-Output Accounts and U.S. Census Bureau, Current Population Survey, 1967-2007.
  6. 6. •  Today, farmers account for only 5 percent of the value added in food production. Almost 20 percent of the value added in the food network comes from the bankers, insurance firms, advertisers, and other business services involved in bringing final food output to the table. We have changed how we produce what we consume
  7. 7. •  There has been a large decline in low-skill jobs that require a high school education or less. •  There has been a substantial growth in managerial and professional jobs requiring college degrees. Occupations
  8. 8. From 1967 to 2012, more college educated workers joined the workforce Source: Georgetown University Center on Education and the Workforce analysis of data from the U.S. Census Bureau, Current Population Survey, 1967-2012. * Values may not sum to total due to rounding.
  9. 9. Conclusion •  The largest increases in high-skill jobs occurred in exports, business services to individuals, housing and government. •  Low-skill employment between 1967 and 2007 declined overall except in the food industry. •  Middle-skill jobs decreased overall except clothing, housing, investments, and government
  10. 10. For more information: See the full report at: cew.georgetown.edu/EconomyGoesToCollege   Email Us | cewgeorgetown@georgetown.edu Follow Us on Twitter | @GeorgetownCEW Find Us on Facebook | Facebook.com/GeorgetownCEW Follow Us on LinkedIn | linkedin.com/company/georgetowncew

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