Education and the Greek Financial Crisis- THE PROBLEM
Description
The first episode of this sub-series. Education. Since the Greek economy is neither a pioneer in technological progress nor at the other end of the spectrum is inexpensive in terms of labor costs, having a better educational system is crucial to increase competitiveness in a sustainable manner. What I am trying to say essentially is that it is not like Greece has got very cheap labor to compensate for the lower productivity as would be the case in a country like Colombia. The minimum wage in Colombia is about $1.61 an hour, and based on a workweek of 48 hours, the yearly wage becomes a bit above $4,000. It’s less than the average wage in the UK for one and a half months. This means that a better-educated labor force allows production to be competitive without resorting to a decrease in wages. And the quality of institutions like the justice system, media, and political representation is directly linked to the educational level of its citizens.
United States
