Education and Economic growth

Economic Development: Growth is associated with structural, social change and change in the important institutions of the economy.

Education is the most vital part of man’s existence. The concept of education started in the ancient days and continues to the modern age. Education has existed before this current age, but modern education has been labeled as the most significant part of any possible profession. This assumption is not making waves in the United States of America only, but in the whole world wide. Despite the unique and distinct languages that exist throughout the world, young and developing minds still seek education and new knowledge as technology keeps changing. Education is the backbone and the platform in which we build and develop our own unique ideas that has become

The economy will grow if the necessity of getting a higher education is reinforced. Education is the foundation of a country’s economic growth and the key to rid a nation of poverty. To illustrate, Japan is a country with no resources, but since it has a good educational system; Japan has the second richest economy worldwide. On the other hand, Nigeria is a country that is rich in resources, but low in education; as a result, the majority of people there are poor. A higher education creates a quality workforce,; besides it will promote economic stability by growing and training students for success. Such training will capacitate hard working people, which will do well to The United States economy. The government should invest more of its money on helping those students that cannot afford college. It will capacitate people who will

Several studies have supported human capital as a significant source of economic growth. Barro(2004) ,empirical analysis, based on 98 countries from 1960-1985, uses school-enrolment rates as representations for human capital, supported the convergence hypothesis of neoclassical growth models, and says; if poor countries have high human capital than they tend to catch up with rich countries, but only in relation to level GDP per capita. Further stated; ‘As a related matter, countries with high human capital have low fertility rates and high ratios of physical investment to GDP’.

Pakistan is on the countries with more children uneducated. Literacy is one of the most important skills needed in a daily basis. How can they let their children down so bad? Getting an education means getting closer to achieving their life goals, but if they don’t get educated they will stay ignorant for the rest of their lives. In the book, I am Malala by Malala Yousafzai, Malala fights for education and shows the things Pakistan needs to work on to improve their education. In the article, How Pakistan Fails Its Children by Mosharraf Zaidi, he shows many different ways the children are let down by their own country. Based on what I know about education in Pakistan, they can improve it by lowing violence and allowing all children to attend.

The study of economic growth focuses on the long-run trend in aggregate output as measured by potential Gross Domestic Product (GDP). Increasing the growth rate of potential GDP is key to raising the level of income, the level of profits, and the living standard of the population.

The following paper is oriented to explore why the divergence of a similarly sustained economic development of the Dominican Republic (D.R.) and Haiti. The fact that both countries share the same territory, but their economic development in recent days differ from one another make this topic is highly important, since it can bring deeper insight about the different causes that can affect the economic development of a country. First, we will take a look at economic development or economic growth. Then, we will observe how education or the lack of such might affect such growth. Education as a factor will be evaluated as a possible cause for the differences in economic development between the two nations. It is important to point out the existence of other factors that might affect economic development, but many literatures have suggested that the aforementioned factor is one of much importance. It is also important to mention that, the research method to be used in this paper will consist of empirical background research, and would be done through comparison, analysis, and evaluation of information collected from the work presented by previous authors, and important sources such as The World Bank. As anticipated results a correlation between education and economic development is expected, and such finding would prove that education is a factor that influence economic growth.

As previously noted, one of the common debates in political science is the extent to which state control of the economy influences economic growth. According to some, democratic institutions guarantee economic growth while a heavy state hand in economic policies causes stagnation. However, in the non-free market economies, education seems to have played a major role and has synergized with the necessary adaptability to the changing global technological infrastructure. After analyzing a variety of countries using both a

Robert F Keneddy speech on GDP highlighted the unique aspects associated with the understanding of GDP. The speech talked about the meaning and importance of GDP and the misinterpretations that are often attached with the concept. He was of the view that accumulation of material things has remained a main focus of economic agents and doing so community values and community excellence are often compromised. In his speech he presented an important concept that GDP cannot be used as a measure of welfare of wellbeing of the economy because it does not take into account the health of individuals, their standard of living, quality of education provided to the individuals etc. In this way it is not a good option to rely on GDP while having an idea about the development of an economy.

This is extremely low for any country, even a lesser developed one. This means that a very low percentage of the population knows how to understand signs. The literacy rate also differs in terms of males and females. On average, more men are going to school and learning to read than women. This doesn’t just apply to the primary schools, either. More males go to secondary school than females, as low as the total secondary school enrollment percentage is. Many of these facts are troubling to say the least. Many Pakistani children are going to school, but the amount of males to females is still in the male favor. This is a huge issue that needs to be addressed by the Pakistani government so that change can take place.

In many countries, females have lower educational enrollments in schools compared to males. The productivity of these countries is a major player in their ability to have what is considered as a high economic growth or low economic growth; depending on the human capital. Education is a huge part of human capital because without education no country would be able to succeed economically, but the lower the enrollment/progression rate of the females, the lower the economic growth of the country.

Education plays an important role with each country, especially with the economic development, which is the same in Vietnam. After two wars of aggression, the Vietnamese economy was affected seriously so the Provisional Government of Vietnam identified that at this time, the development of education is the first priority. In a country, if the rate of educated person is high, it means the indicators of economic development will also go up. The high quality workforce who is better skilled and trained in an accurate education will be a motivation for future growth. According the statistic data of

This can be measured by the following formula; Per capita nominal GDP = Nominal GDP / Population, Per capita real GDP = Real GDP / Population. Seven factors determine economic growth. Natural resources such as land, mineral deposits, waterways; climatic conditions provide an essential foundation to economic growth. Combined with the other resources of capital, labor and enterprises, natural resources can be developed and organized to increase the productive capacity if the nation. Consequently the quality and size of the labor force is a major determinant of economic growth. Education and vocational training are essential the growth potential of a nation. The promotion of education and job training schemes increase the knowledge, skills and flexibility of the workforce that contributes to potentially higher levels of productivity and efficiency. Whether from natural increase or immigration population growth can cause a higher level of economic growth. An increasing population requires increased public spending on housing, education and other social needs while businesses expectations of

Education is a very important microeconomic issue impacting our economy and our futures; with multiple factors in education that ensure the productivity of a nation, it is very important to be utilizing our education system to the best of our abilities. Unfortunately, our current system is flawed and is causing major inefficiency’s within our economy; fortunately we already have the power and knowledge necessary to improve education, implementing these solutions is a way to encourage the utilization of human capital and innovation. Through the course of this presentation I will highlight the impact that education has on the economy and current faults in our system that are preventing us from developing our nation further, I will then draw and present well thought-out solutions in the hope of presenting a reform that can efficiently improve our education system and economy.

Government should concern to Invest on research and development to increase the quality of goods produce in order to achieve economic of scale for goods produce. However, improving the institutional factors that contribute to development such as education, and banking system is necessary to support economic growth.