We discuss existing shortfalls and inequalities in the accumulation of human capital-knowledge, skills, and health. We analyze their immediate and systemic causes, and assess the scope for public intervention. The broad policy goals should be to improve: the quality, and not just the quantity,...

The standard summary metric of education-based human capital used in macro analyses-the average number of years of schooling in a population-is based only on quantity. But ignoring schooling quality turns out to be a major omission. As recent research shows, students in different countries who...