April 8, 2025Nicholas Eberstadt is the Henry Wendt Chair in Political Economy at the American Enterprise Institute, where he researches and writes extensively on international security in the Korean Peninsula and Asia, demographics, and economic development. Ever since Nobel laureate T. W. Schultz’s foundational 1960 lecture on “human capital,” economists have documented the importance of “investing in human beings” and the crucial role that education plays in economic development. Higher levels...