Essay on role of education in economic development
These countries will possess better conditions tending to approach the levels of developed countries if they have enough educated human capitals with required capacities to improve their own technologies or to assimilate and modify the existing technologies of developed countries. No nation can succeed in achieving a sustainable economic growth without providing a better education to its 8 Bartel, P.
One of the main indicators that education plays an important role on the economic growth is that developed countries with high economic growth have good human capital with higher standards of schooling strategies.
Education and economic growth in developing countries
We spend significant sums of money preparing for wars that we later create and ignore the needs of our own country. However, private and social benefits do not always coincide for instance social benefits may exceed private benefits. The widening difference between private and public schools is responsible for the gaping chasm between resources and opportunities given to the poor and the rich. However, it is not crystal clear what kind of education should be given in schools in order to promote the economic growth general schooling, vocational education, or on the job training. Davis, S. In fact, the main reason why a better educated individual earns more is that higher qualification means more productivity, hence a larger production. If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form. It may, however, be noted that these estimates of Schultz only indirectly reflect the contribution of education to economic growth. The individual inventor may not receive earnings equal to his contribution to the research. One of the main indicators that education plays an important role on the economic growth is that developed countries with high economic growth have good human capital with higher standards of schooling strategies. Clearly, a country which is unable to develop the skills and knowledge of its people and to utilise them effectively in the national economy will be unable to develop anything else. But recent studies have revealed that education, given the present education system, has tended to increase the inequalities in income distribution rather than reducing them. Rate of Return Approach: The contribution of education to economic growth has also been measured through the rate of return approach. Is it sufficient to enrol every child in school? If human capital and physical capital are complementary, then historically either type of capital or both could have been the factor limiting investment in the other type of capital.They come from poor families and cannot afford the luxury of education despite their desire for it. If the welfare of society depends on the welfare of its individual members, then the society as a whole also gains in welfare as a result of the increased consumption benefits of individuals from more education.
The individual inventor may not receive earnings equal to his contribution to the research. The reference to socio-economic background is crucial as schools - like social classes - are stratified in terms of social status.
The state needs to analyse the reasons be hind the number of out-of-school children.
This shows the importance played by better education on individuals incomes. Expenditure on Education and Income: Another approach to measure the contribution of education is based upon the analysis of the relationship between expenditure on education and income.
A basic education gives citizens a basic way of business.