There is a very good reason why Alan Greenspan is the Chairman of the Federal Reserve Board. It is unfortunate that John Edwards' "average Americans" do not pay more attention to the things that Greenspan tells them. Consider the 30-minute nightly local newscast; how much time is spent on Greenspan as compared to sports?
A critical aspect of wealth creation is the level of knowledge and skill of the population. Today, the knowledge required to run the economy, which is far more complex than in our past, is both deeper and broader than ever before. We need to ensure that education, formal or otherwise, is supplying skills adequate for the effective functioning of our economy.
The real income earned by a worker depends importantly on his or her intelligence and skill. ... The never-ending necessity to learn new skills is due to the gradually but inexorably changing nature of our economy. ... This rising complexity has required the labor force to be more and more technically oriented.
We need to be forward looking in order to adapt our educational system to the evolving needs of the economy and the realities of our changing society. Those efforts will require the collaboration of policymakers, education experts, and -- importantly -- our citizens.
It is an effort that should not be postponed.
Alan Greenspan on the Critical Role of Education