Link between Education and Economic Growth - Essay Example

Introduction Several studies show a link between education and economic growth. In research, it is found that economic development in Europe and North America was the result of rapid technological progress and economic development was preceded by expansion in formal education that facilitated the spread of modern technology from one country to another. Several other researchers observed a positive relationship between education and economic development. Although some of the LDCs are also emerging as newly industrialized nations, the differences in per capita GDP can easily illustrate their stark difference in living standards and wealth. The following table and chart can help us get an idea: CIA World Fact Book, 2008 “The main engine of growth is the accumulation of human capital” and “the main source of differences in living standards among nations is the difference in human capital. Physical capital plays an essential but decidedly subsidiary role” (Bardhan and Udry, 2008, p.266). Human capital has several aspects, including education, training and health. Human capital is considered to be a key determination of economic growth. Investment in human capital benefits individuals and society as a whole. Countries with skilled people grew faster. While develop economics have always emphasized the importance of education in the develop process. Better education generates private gains to the individual and public benefits to society. By the expansion of knowledge it can enable the people to overcome ignorance and superstitions. Without literacy or, to be more precise, perfect education, economic growth in any country is impossible. It can become only lopsided and flawed unless corrective reassures are taken. Jobless growth implies situation where the overall economic growth but does not expand sufficient employment opportunities. ‘Futureless growth’ implies a situation where growth occurs but its effect is not positive on future generation and is adverse. According to Mahatma Gandhi, “education, which does not teach us to discriminate between good or bad, to assimilate the one and eschew the other, is a misnomer” (Rao, 1991, p.2). The purpose of literacy and education is not only to make our children literate and merely develop individual skills but also to make them appropriate human being with positive and integrated elements of their respective societies. Education means drawing out the best of the body, mind and spirit in man. He believed learning by doing and was of the opinion that the knowledge through education, subjects would encourage self-experience of the students. The immediate aim of literacy and education should be to make it a joyous experience for all student and teachers where creativity should be ultimate objective. Female literacy is very important for economic growth. Writing about early 20th century, one eminent sociologist describes how little girl children spent their rime helping from very early age with the housework, brushing the floors, cleaning the pots and dishes. They are very ignorant and learnt very early to be woman. The village schools are not for them. Thus particularly for girls, education was an extremely remote prospect formerly, improvement in education levels, particularly in girls and better health facilities leads to a lowering of birth rate. Hence education in girls in both urban and rural areas should be given priority to control the population growth. As more and more women get education seek and get employment, automatically delays marriage. According to HDR 1996, “Investing in women’s capabilities and empowering them to exercise their choices in the surest way to contribute to economic growth and overall development”. (Hunt, 35) Population explosion is a social problem, which has become an economic problem, illiteracy in one of the major causes of this problem. They are deprived of nutritious food and other amenities of life, only education can change the attitude of a person towards family, marriage and the number of the children he should have, because it is seen that most educated people days their marriage and prefer to have small families. Spread of education and expansion of family planning programs can control the rapidly growing population. Then education enlightens people about the need to the improve their standard of living and to restrict the size of their families. So, education is the best measure of family panning in the long run. Education can contribute to rural development In various ways, it imparts the basic skills and increases the area of knowledge. Literacy helps the rural poor set up scale and cottage industries, thereby enabling them to improve their general living standards. Education equips people with the knowledge of various relevant things. Therefore, literacy can be a crucial tool in furthering development. The developed would understood much earlier the fact that individuals with proper education have an edge over their non-educated or half – educated counterparts. Various studies by different economists have shown that investment in education promotes economic growth. In any field, illiterate workers are unskilled and untrained; their general health is very poor. Literacy and education can creates more productive labor force having enhanced knowledge and skills, which ultimately tend boost productivity both quantitatively and qualitatively. When the people are literate they can easily see corrupt political leaders. With the participation rate of both men and women in local self governance institutions people can avail their opportunity to improve their local economic factors such as roads, electricity, pure drinking water, education institutes, health centers etc. in the country side. The environmental awareness is increased too by education. The various programmes of government to minimize environmental degradation are properly utilized if the people are literate enough to preserve natural recourses are sustainable development. All these lead ultimately to economic development. Conclusion In conclusion I would like to say that in order to watch its counterparts, less developed countries have to learn behind their primitive age thought and superstitions that hold back any nation from developing. To projects its superiority, these countries have to adopt proper measures so us to overcome will the blocks that prevent them from coming in the counter national area. Both the government and the common mans has to work hard in hard for making their country. Proud of their efforts they put in. even and every person should read, write and speak so that they must be able to co-ordinate with other major players of the world. In this case, other developed nations can put forward their helping hands and become friends forever. References 1. Bardhan K. and Udry, C. 2008. Readings in Development Microeconomics, MIT Press 2. CIA, 2008, The World Fact Book, available at: https://www.cia.gov/library/publications/the-world-factbook/ (accessed on July 27, 2008) 3. Hunt, S.C. 2004. Pregnancy, Poverty and Health Care, Elsevier Health Sciences 4. Rao, PV.N. 1991. TENTH CONVOCATION, SRI SATHYA SAI INSTITUTE OF HIGHER LEARNING, available at: http://209.85.175.104/search?q=cache:smbLgPyB1-MJ:www.sssu.edu.in/pdf/CG_Address1991.pdf+education,+which+does+not+teach+us+to+discriminate+between+good+or+bad,+to+assimilate+the+one+and+eschew+the+other,+is+a+misnomer&hl=en&ct=clnk&cd=2&gl=in (accessed on July 29, 2008) Read More