The close connection between educational attainment and economic development now seems only self evident, but a new study from the Organisation for Economic Cooperation and Development makes that argument even stronger. And at a time when the United States and nations around the world continue to struggle with economic stress, the OECD report cautions against cutting investments in education.

The study found that the relationship between cognitive skills and economic development is so close that even small improvements in the skills of a nation's workers can make a significant difference in its future economic growth.

Even a modest goal of having all 30 countries that are members of the OECD boost their average scores on the PISA (Program for International Assessment) by 25 points during the next 20 years, the report says, would yield an combined gain of $115 trillion over the lifetime of the generation born in 2010. For the United States, the report suggests, such gains in student performance -- measured by the PISA -- could increase the nation's gross domestic product by $40 trillion.

"Changing schools and educational institutions is a generally difficult task," the report concludes. "Moreover, countries that have attempted reforms of schools often find that the results in terms of student achievement are relatively modest. ...

"The political-economy issues that are the real impacts on OECD economies come sometime in the future, because it takes time for schools to improve student performance and for students to become a substantial part of a country's labor force. Thus countries must make substantial changes now to reap the future benefits. On the other hand, simply saying that change is 'too difficult' implies foregoing enormous gains to OECD nations."