The weapon of education can change the world. Economic growth is a secretarial measure. It is more of a political term that leads to enhance the quality of life of individuals in all aspects, it could be political, social, psychological, or spiritual. All individuals have some capabilities and potential that would enable them to achieve their goals. It is the responsibility of every government that education should be free for everyone. The development is not just about economic growth it's about creating and building a good society. The 21st century is about the rising race between education and technology. So now education is the demand of time and as well of technological changes. New technology demands more competent and efficient workers with new skills.
Education Is Vision
Education is, of course, the first place to all proportions of success in this life. Humans cannot achieve anything until they are not having a vision. So no idea can be spread and no dream can become true without having knowledge and education. No nation can achieve significant economic development without investing in human capital.
Education For A Better Society
Education makes people better persons for society and makes an individual's social and political life more successful and healthy. Nations with a higher literacy rate get better understandings of themselves and the world. It improves the standard of life which leads to the broad social benefits of individuals and society. Education raises people's efficiency and novelty and encourages entrepreneurship and technological advances. It plays a vital role in economic and social progress. The economy of any nation enhances when that nation is having a high literacy rate. Effective literacy skills and capabilities open the new and wide aspects of education and economic growth of any nation.
It makes people get more opportunities for a better future life and pull themselves out of poverty and chronic situation. In this extremely advanced and complex technological world, it is becoming the basic need of all individuals to enhance their knowledge and interpersonal skills to make a change for themselves and their surroundings. When we talk about literacy from an individual perspective one needs to learn sufficient knowledge and skills to contribute to the progress of a community. Persons with appropriate literacy skills can communicate anywhere in a better way. Education raises the efficiency of a nation and it contributes to nationwide income. The welfare of any society depends on the individual members so if a nation is generating more competent individuals with the latest and advanced tech skills it will be beneficial for the economic development of a state.
Education And Technology
In the early 1990s literacy rate was much lower but the jobs were manufacturing-based and so literacy was not necessary. But today we are living in a technological world and now more jobs require literacy because tech and business are directly correlated to literacy. Education in every sense is one of the basic factors of financial growth. Education enriches people a better understanding of themselves and the world. It improves the quality of life and leads towards broader social remuneration for individuals and the community.
From a communal outlook, a literate community is considered as a dynamic community, such communities can exchange ideas, can participate in a conversation with logic and their analytical skills. A state which is investing in the schooling and the skills of its people is a country investing in a better economic future. When we observe the developed state we understand that for all the developed nations, skilled staff is of paramount importance.
The main link to success is knowledge. Education improves the process of income distribution and secures the economic and social development of a nation. On the other hand Economic development is a multifaceted process. The world economists have faced hard times to identify the basic economic factors. A few centuries ago Adam Smith described that the possible skills and capabilities of all mankind can be defined as capital. This is known as human capital. Some Economists of the world started research on the fact that the poor countries are poor because they are not having much human capital. They theorized that if human capital does not increase along with physical capital than no nation would be able to achieve economic development. This is also a fact that human capital is a limitation because investors from outside the state are not willing to invest in human capital.
Now Economists worldwide have accepted that investment in education is one of the essential factors for the economic development of any state. The econometric surveys have provided the results that more educated workers are more dynamic and so on they are earning high wages. There is no doubt in this fact too that educational ratio and income of a state rise at the same time. This idea is also supporting Adam smith's point of view about human capital and also proves that nations with higher literacy rates developed economically faster. The bonding between the two human and physical capitals is corresponding.
Human capital is initially started with the basic education of children. If poor countries wish to achieve a high level of income they need to provide funding and investment for the education sector. At least must for the primary and secondary level of education. Investment in schooling is such a kind of subject which must give its payback in the long run to any state. Education is having both a straight and indirect effect on the economy of a state. So the human and physical capitals both are required for the growth and economic development of a state.
Each one of them has a positive impact on the efficiency of others. Hence key factor to solve every problem and to face all kinds of consequences. No nation can accomplish considerable economic growth without investing in human capital. Education is the most powerful instrument for reducing poverty and inequality helps in sustaining the economic growth of a country. Therefore countries worldwide need to invest in it more to cope with the economic problems on a large scale.
The world economists have faced hard times to identify the basic economic factors. A few centuries ago Adam Smith described that the possible skills and capabilities of all mankind can be defined as capital. This is known as human capital. Some Economists of the world started research on the fact that the poor countries are poor because they are not having much human capital. They theorized that if human capital does not increase along with physical capital than no nation would be able to achieve economic development. This is also a fact that human capital is a limitation because investors from outside the state are not willing to invest in human capital. Education in every sense is one of the basic factors of financial growth. Education enriches people a better understanding of themselves and the world. It improves the quality of life and leads towards broader social remuneration for individuals and the community.