As the Peruvian society and infrastructure develops, the demand for highly skilled workers is on a rise in a world where more and more companies have to compete in the international marketplace thanks to the advances in communication and technology.

Since the mid-90’s, a plan to address this menacing issue has already been established by the Peruvian government with the increase in education spending, in both urban and rural areas, that covers the creation of more primary and secondary schools and, most recently, an increase in the quality of their teachers by means of a proficiency exam. Although the education spending still remains below the regional average, the growing young population has now more schools and options to choose from resulting in an increase of undergraduate and graduate student enrollment since the program was initiated.

Noticeably, there is a common relationship between social and economic well-being, in any country, with the educational status of its citizens. Adam Smith and other classical economists of the 17th century saw the importance of a good education and applied it to their formulas that measure the economic development of a country. By increasing the quality of human resources, economic growth and an increase in productivity is achieved.

Increase in Productivity of Labor: ↑L→(K,↑L) = ↑Y

Increase in the capital factor of productivity: ↑L→↑K then, ↑Y =(↑K,L)

Where:

(Y) = Output
(K) = Physical capital
(L) = Labor
Production Function: Y =(K,L)

On one study done by Psacharopolous and Woodhall, it shows that education growth has a greater impact on less-developed regions:

It even has an impact on the unemployment rate of a country:

In addition of offering the young population with more schools and universities, Peru offers a wide-range of options in terms of business education. Students can enroll in full-time and part-time MBA programs for those that are currently working and would like to continue with their education. Most of the top business schools in Peru are also accredited by many associations worldwide and other international bodies of education.

In contrast to all of their success, there is still a good percentage of the population (18% in 2005) that is illiterate. The school’s buildings are poorly constructed, their tools and supplies are in the same order antique and scarce, and the quality of their teachers is inadequate to today’s standards in education. In general, there are still some critical areas to be improved, but at least the commonwealth are moving towards a better future for Peru.

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