The paper by Eric A. Hanushek and Ludger Wößmann examines the role of education in promoting economic well-being, focusing particularly on the importance of educational quality. They argue that while expanding school attainment has not guaranteed improved economic conditions, there is strong evidence that cognitive skills are strongly related to individual earnings, income distribution, and economic growth. The authors highlight the importance of both minimal and high-level skills, the complementarity of skills, and the quality of economic institutions. International comparisons using expanded data on cognitive skills reveal larger skill deficits in developing countries than previously thought. The paper also discusses the need for major structural changes in schooling institutions to close the economic gap with developed countries. The authors conclude that educational quality, measured by cognitive skills, is a key driver of economic outcomes and that improving educational quality can significantly enhance economic growth.The paper by Eric A. Hanushek and Ludger Wößmann examines the role of education in promoting economic well-being, focusing particularly on the importance of educational quality. They argue that while expanding school attainment has not guaranteed improved economic conditions, there is strong evidence that cognitive skills are strongly related to individual earnings, income distribution, and economic growth. The authors highlight the importance of both minimal and high-level skills, the complementarity of skills, and the quality of economic institutions. International comparisons using expanded data on cognitive skills reveal larger skill deficits in developing countries than previously thought. The paper also discusses the need for major structural changes in schooling institutions to close the economic gap with developed countries. The authors conclude that educational quality, measured by cognitive skills, is a key driver of economic outcomes and that improving educational quality can significantly enhance economic growth.