Education and Economic Development

Education and Economic Development

Education is very important to develop any country economically either it is developing or may it be developed. As there are a lot of resources and each one plays its role to develop the economy of a country. One of the major resources is human wealth, which plays the main role in the economic development of the country, it describes the employment of the country. With the help of other resources, best andfruitfulworkersplay an important role to develop the economy of the country and leads to progress and welfare.

Now discuss this important resource i.e. human capital. This major resource is developed by education. Hence, it is clear that education is a very important and basic part to increase the economic growth of a country.

Pakistan and other developed countries have brought many changes to improve Education system. Previously, there have been conducted a lot of studies to analyze the relation of education and economic development of a country.

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In every aspect, the basic and important element for development in Education. Any country cannot increase economic development without improving his men power. Education enhances the knowledge of people about themselves and the world. It improves their lifestyles and enhances to the persons and communities.

Education leads to improve the productivity and creativity of the people and develops entrepreneurship and technological techniques. Moreover, just because of education economic and social improvements are done and distribution of income is managed as well.

Actually, Economic development is a complicated process and there are problems for economists to find the basic elements. Generally, this process is the combination of both financial and human effortsinvery advanced and effective forms, and hence some countries are very improved in this process as compared to others. Adam Smith expressed many years ago, “the acquired abilities of all the inhabitants are a kind of capital,”.

Some economists started to think that poor countries are poor just due to a shortage of human efforts. They concluded that rich countries that were destroyed in World War II were eligible to attain new physical strength to employ very quickly in a huge amount. On the other hand, the poorest countries were unable to do the same thing.

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Recently, Economists have admitted that if someone is focused on education or human capital, it would be very helpful for him to develop economically. This has been proved by Econometric studies that education makes a person much productive and enables them to earn more salaries. Definitely, average education directly affects men’s income. Nelson Mandela said, “Education is the most powerful weapon you can use to change the world.”

Last, the human effort and physical effort are reciprocal to each other. There is both a direct and indirect effect of education and economic development. Hence, there is a need of both human resources and physical contribution to developing a country economically and each one has a great impact on the other. So, every problem can be solved with Education. In this era, no country can be developed without education.

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