EDUCATION

Role of education in economic development

[Student Name]

[ Name of Institute]

Introduction

A learning process, which develops a skill or knowledge, and is one of the primary mechanisms for socialization and the driver of technological innovation and economic expansion. The philosophical basis, policy relevance, and implementation of education in the United States have evolved tremendously over the last 200 years. Originally based on the Bible, education was seen as the safeguard of liberty by Thomas Jefferson, and it has been seminal in creating America's national identity as well as its technological and economic prowess.

Education is a key factor in economic and social development. Economic and social development, in turn, may provide more education's Growth and economic development is one of the important objectives of all countries. But with different goals in advanced industrial and developing countries are different. Means to reduce unemployment in the advanced industrial countries, people are used to increase social welfare. Social costs include the costs for each student or student government or the community at every level of study that are incurred, including costs and development time, cost a person pays to spend a semester course, is.

Between economic growth and development of education, there is a direct relationship. Level education in advanced countries, is high. Poor or less developed countries, is low. Education is a key factor in economic and social development. Economic and social development, in turn, may provide more education's Growth and economic development is one of the important objectives of all countries. But with different goals in advanced industrial and developing countries are different. Means to reduce unemployment in the advanced industrial countries, people are used to increase social welfare. Means to reduce poverty and deprivation in developing countries, efforts to boost gross domestic product, is to improve living standards.

Discussion

Several important features of investment education are:

A. External effects in the economic literature when the actions of a retail business, consumer or producer in addition to other benefits or disadvantages of an accidental homicide is the phenomenon called external effects of education and investment in Among the activities that are external effects.

B. Consumption and investment of Education: Education is said that both consumption and investment. Aspects of the consumer returns to the enjoyment of life through better and more complete education will be provided. Because people value for their money and spend it. Consumption and investment in education is so important is that the share allocated to education cannot generally be considered an investment cost of education.

C. Long spawning period (long-term return on investment): the result of educational activities that will be too late, so that the return on investment than other types of educational capital formation is longer. This hypothesis raises significant funding for training programs are discussed. It requires long-term time horizon is long, vertical section of the policy requires a development perspective.

Social benefits include the benefits that a person trained after spending a semester course that is right. Plus all the ancillary benefits such as reduced fertility, improved health ...