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Discussion question - Essay Example

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In order to build a safe, healthy, and more prosperous environmentally sound world while at the same time making a contribution the progress in social, cultural and economic co-operation, education is very essential. Many people are of the opinion that the overall level of…
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Download file to see previous pages... While this is true however, education does not necessarily translate into economic growth of a country, it is only a single factor to the various reasons for economic growth.
Education has faced a significant expansion in the last decades across the world, with countries registering double-digit growth patterns. In the 1990s, the world, according to Easterly (73), had 99 percent enrollment for primary education. Education investment has brought little or no impact in the world economy and especially for the countries themselves. Growth of human capital in a country does not necessarily mean that their contribution to the growth of a country. If the argument that education brings growth to a country, fresh graduates should be entitled to higher salaries than experienced workers should. However, salary increment is based on the years of experience, making this belief to be untrue. In fact, Easterner (77) is of the opinion that, the contribution of education growth and growth of a worker’s output is negligible, stating that in some African countries, this growth is actually negative. The Gross Domestic Product per worker in is just a small percentage in most Eastern Europe and the Soviet Union countries.
With time, the median growth rate of poor countries in the world has kept a declining trend overtime, indicating a poor education contribution to growth, yet education received a massive growth. Due to in direct effects of human capital, countries with higher initial human capital are likely to have a faster growth than those with low initial human capital.in case the level of human capital and physical capital are both high, there will be high returns on physical capital investment until there is a balance between the two(76-77). In all nations worldwide, variations in the country’s growth have little contributions from variations in growth of the human capital, rising more serious concerns regarding initial schooling and ...Download file to see next pagesRead More
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