Here is a short article by Brian Francis (Lecturer in Economics at UWI Cave Hill) that appeared in today's Nation News (Barbados). Francis discusses the importance of education in affecting economic growth and development during that latter stages of a nation's economic evolution. Notice that his description fits nicely into the framework of the Solow model.
There is an important back story here. The government of Barbados recently implemented a significant cut to student subsidies, which resulted in a dramatic decrease in enrollments at the University of the West Indies. The purpose of the cuts was to save money. Transfers from the Barbados government to UWI decreased by approximately US $21 million per year as a result of the cuts.
How (and when) could we figure out if this policy resulted in net gains?