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s chairman Jacques Delors state, ‘education is one of the principle means available to foster a deeper and more harmonious form of human development and thereby to reduce poverty, exclusion, ignorance, oppression and war’. This has developed consciousness of the people in the developing countries acquisition of education shall assess these people to overcome poverty.
The claims that the education shall simultaneously bring social, economical and cultural prosperity has capture minds of these people, as a result there has been a rapid increase in the primary and secondary schools. Easterly (2001), in the article highlights the adverse impacts of education with the help of different statistical information of different countries. He states that response of economic growth with the educational explosion lacks association (Easterly).
According to Easterly no positive relation between economic growth and the growth in schooling has been observed this is because of the reason of rapid growth in human capital (Easterly). Due to the massive expansion of the education there has been a significant decline in the growth of output per workers during 1980’s. The study highlights that the initial schooling has a positive result on the productivity growth, whereas the countries with the high initial human capital can grow faster through indirect effect of human capital on the growth productivity (Banerjee and Duflo). In addition, the growth rate of countries has been associated with the human capital growth; the studies show that the key of the development is based on the capital growth and physical capital contribution. This eventually decreases young workers as they are engaged with their studies. On the other hand, the wages increase with the experiences due to which it lowers human capital.
The studies of Easterly and Banerjee and Duflo it can be determined that growth in the schooling is not the only factor to influence economic growth, whereas, the study highlights
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