Essay on role of education in economic development

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Essay on role of education in economic development

It is one of the most fundamental factors that lead a country to a sustainable economic growth. Till the mid of 20th century, for the economic development of a country, the number of cheap labour force was considered to be an important factor but now, in 21st century, the trend has changed.

To discuss the role of education in the economic development of a nation, it is necessary to understand first of all the meaning of education.

Essay on role of education in economic development

The universally accepted meaning of education is growth, that is, the continuous unfolding of ones potentialities. It is a life-long process.

Essay on role of education in economic development

After defining education, it is necessary to understand the concept of economic development as well. From policy perspective, economic development is the set of efforts that seeks to improve the economic well-being and quality of life of people of a community by creating, supporting and taking some steps.

Development in terms of economic development indicators means the development of economic wealth of a country for the well-being of their inhabitants. There is however a significant difference between economic growth and economic development. Economic development on the other hand implies much more.

It typically refers to a variety of indicators such as literacy rate, life expectancy and poverty rate. Generally education plays the role of leadership in a society. The function of educational institutes is to develop people physically, mentally, socially, psychologically and spiritually.

It improves social, political, economic and cultural life of people.

Why education is the key to development | World Economic Forum

All over the world, universities are guiding and co-operating with the industrial and agricultural development of organizations and they are developing their economies rapidly and meaningfully. There is a close link between education and development.

Education leads to innovations, developments and lots of other greater achievement and advancement in a society. Some of the developments that the education has already resulted includes; birth of civilised society, increased human capital, technical training, agricultural development, industrial development, and technological development.

Education also produced think-tanks. Each of these developments has been discussed in detail in below paragraphs. The first and foremost important requirement for the economic progress of a community is its social development.

Only a highly civilised society, where peace and freedom in its all forms is guaranteed by the government, can achieve economic prosperity. Education in this regard helps by developing social awareness and the spirit of humanistic approach among people.

Education helps in eradicating various social, political and economic evils and problems such as social inequity, poverty, unequal income distribution, deadly competition, selfishness and so on.

It develops the feelings of self-esteem and the spirit of hard work among people. It encourages the concept of healthy competition and self-sacrifice for others well-being among the masses.

Education also teaches people those things which they have never heard before and promote in them the character of observation and analysis. It is knowledge which enables people not to follow the customs of their ancestors blindly and make sure the successful transfer of social fundamentals from one generation to another generation.

In terms of economics, human capital in its simplest form means a highly skilled professional labour force.

Role of technology in economic development | My Essay Point

Industrial revolution of eighteenth century transform the type of work and force from humanised to mechanised. Now due to sophisticated machinery, a piece of work needs only a few professional labours instead of a dozen of workers. This is because, nowadays in every field of work machines are used, which needs technically taught people to operate them safely and successfully.No country can achieve sustainable economic development without substantial investment in human capital.

Education enriches people’s understanding of themselves and world. It improves the quality of their lives and leads to broad social benefits to .

Education in every sense is one of the fundamental factors of development. No country can achieve sustainable economic development without substantial investment in human capital. Education enriches people's understanding of themselves and world. It improves the quality of their lives and leads to.

Twenty years ago, government officials and development partners met to affirm the importance of education in development—on economic development and broadly on improving people’s lives—and together declared Education for All as a goal.

Although education is an important factor for the economic development of a country nevertheless many other factors also contribute a major role towards the economic development of a country like economy, natural resources, peace and exports. Here are five things you should know about the pivotal role of education in economic development: Education is an investment The importance of knowledge and learning has been recognized since the beginning of time.

- Introduction: The role of culture in the economic development of countries is often overlooked by economists, yet it can significantly affect a country’s economic development. Culture generates assets, such as skills, products, expression, and insight that contribute to the social and economic well being of the community.

The role of education in economic development: a theoretical perspective