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1. Introduction: Poor learning costs the world $3 trillion per year An investment in knowledge pays the best interest – Benjamin Franklin in Way to Wealth (1758) While he is perhaps best known for making the connection between lightning and electricity, for 25 years Benjamin Franklin also published a successful magazine that was focused on financial and life advice for the “common people,” as he put it.
Abstract Social distancing requirements associated with COVID-19 have led to mass school and university closures worldwide. The article provides estimates of the economic loss associated with these closures by mapping lost learning to the lifetime reduction of the earnings of graduates from 205 high-, middle-, and low-income countries.
Even compared to past school closures during global crises, such as the Spanish flu, the level of education disruption and lost learning today due to COVID-19 is unparalleled.
In mid-April, UNESCO reported 192 countries had closed all schools and universities, affecting more than 90 percent of the world’s learners: almost 1.6 billion children and young people. While some governments are starting to order teachers and students back to work, education—one of the most important drivers in human capital investment—continues to be largely closed for business.
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