Relevance Of Education To Economic Growth
Keywords:
Relevance, Education, Economic GrowthAbstract
Education is an important human capital investment that supports economic growth and development. Education is widely recognized as a fundamental driver of national development. Investments in education, from primary to tertiary levels, improve individuals' skills, knowledge, and productivity, resulting in increased economic production and productivity. This study emphasizes the various ways that education promotes economic growth. Educated people have higher employment and earning potential, which helps to minimize poverty and inequality in income. According to the report, education supports entrepreneurship, creativity, and technical improvement, all of which are necessary for long-term economic progress. Education also has an important role in the development of vital institutions, governance, and social welfare systems that are necessary for economic growth. It was argued that, while education alone cannot revolutionize an economy, it is an essential component of effective economic policies. Macroeconomic stability, infrastructure development, and openness to trade and investment all contribute to growth. Importantly, the extent to which growth lowers poverty is determined by the poor's ability to participate in and profit from the economic process, emphasizing the need of equitable educational access. The study concluded that investing in quality education at all levels is critical for generating long-term economic growth, especially in emerging countries. Policymakers must promote education as a major tool for decreasing poverty, enhancing social welfare, and promoting long-term prosperity
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