NCPA - National Center for Policy Analysis

Drucker Points To Rise In Adult Education

May 15, 2000

  • He estimates that Americans now spend $1 trillion on education and training.
  • Education in grades K-12 now commands 6 percent of Gross Domestic Product, colleges and universities consume 4 percent, and the current market for continuing education equals 6 percent of GDP -- and that sector is going to grow enormously, he believes.
  • With 40 percent of the total U.S. work force earning their livelihoods utilizing their knowledge rather than manual skills, there is a huge potential market for continuing adult education.
  • Online teaching will capture much of that market because it is time-efficient, cost-efficient and flexible enough that a student can replay the material if it is not comprehended right away.

Drucker says that online education will never replace traditional means of education. But it is a market worth potentially hundreds of billions of dollars.

 

Browse more articles on Economic Issues