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Education for Economic Development - Essay Example

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As a consultant of the king of Countristan, I would advise the king to invest in a development project that utilizes ideas of most if not all development theories. I would therefore advise the king to invest his 20 million dollars in the education sector of his country…
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Education for Economic Development
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Download file to see previous pages The above investment would hand to hand with the necessities for development in most economic theories of development. According to Rostow’s theory, savings and capital formation are vital elements to successful goals of economic development (Smith 96). For a country to move through all the stages of development, a substantial part of GDP must be channel to saving which are used for investment. This is in line with the investment in education since it will lead to the formation of capital inform of human capital and hence, economic development. According to the Harrod Domar Model, the rate of economic development depends on two factors namely; savings (savings ratio) and productivity of investment (capital-output ratio). Investment in education will increase savings because education levels directly correlate with propensity to save. Skilled labor and human capital will lead to higher productivity of capital inputs. Therefore, an investment in the education sector will lead to positive development according to the Harrod Domar Model (Hanushek 611). ...Download file to see next pagesRead More
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