Impact of an Education on the Economy of the States - Essay Example

 Education is a fundamental factor in any countries development. Through education, a country can develop both in technology and in innovations. It is hard for a country to achieve sustainable economic development without investment in education to come up with an educated populace. The role of education in the society is to enrich people's understanding of factors like innovations and technology. Education is the central pillar for productivity, creativity, and technological advances in a country (Bourguignon, Elkana and Pleskovic 12).

A country with high number of educated populace can secure its economy, social progress and improve its income distribution. Economists measure the prosperity of a country depending on the number of educated populace because success is dependent on the education of a state. The educated populace in a country sets the pace for development that students who are still in schools need to follow. They set standards that students should meet so that the state obtains a high-quality education. Through this, most state result to have a productive population.

This is evident in countries that are economic power yet they lack natural resources like gold, copper, or oil. The educated populaces in a state act as trendsetters in developing skills and knowledge through educating the rest of the population on the importance of education. This is evident in recent days because it has seen an expansion of sectors concerned with education. The number of schools and universities has significantly increased due to the influence of the educated populace. The educated peoples act as teachers and lecturers in classes that deal with technology advances.

Education is possible to contribute to technology change and capabilities in countries industry. From a study, it was clear that educational level and skills of workers relates to the rate of technical change of a firm in a positive way. It will encourage an increase in education level and prosperity of a country (Bourguignon, Elkana and Pleskovic 21). Education in many countries has paved the way for innovation in various sectors. Innovation in research, training, and different areas is inclined to improve by having good and quality education.

It will persuade many people to pursue an education in many countries. Innovation in health, agriculture, and the technological sector has encouraged students to continue their ambitions to become productive people in the society driven by their interest in having a prosperous country. Innovations have brought positive effects on farmers due to the adoption of a modern method of farming and technology. There is an improvement of nutrition and health for the society encouraging education level to rise.

Education has led to the innovation of unique and sustainable marketing and business ideas that are different. New business ideas act as a pillar of the prosperity of the country. Innovation is encouraged by the educated populace to improve various sectors in our country. Right from the lower level of education, teachers encourage students to come up with new ideas or ideas of developing activities in firms. Therefore, students are encouraged to keep on reading. Works CitedBourguignon, François, Yehuda Elkana, and Boris Pleskovic.

Capacity Building In Economics Education And Research. Washington, D.C.: World Bank, 2007. Print.