Economic Growth in Educational Sector

James Cheng^*
*Correspondence: Dr. James Cheng, Department of Economics, Tufts University, Massachusetts, USA, Email:

Description

Education is the cornerstone of economic development. It contributes to the social and economic development of the people. No country can achieve sustainable economic development without investing in human capital.

The role of education in economic development and its impact on labor productivity, poverty, income, skills, health, income distribution, and family structure. Education provides a major establishment for economic growth. It is the basis upon which our economic and social development is built. Education growth in economic development is significant to increase economic efficiency and social coherence. By increasing the value and efficiency of their labor, it helps to raise the poor out of poverty. It improves the overall productivity and intellectual flexibility of the workforce. It helps to ensure national competitiveness in a global market characterized by changes in technology and production methods. Education contributes significantly to national structure and interpersonal tolerance by increasing the child's inclusion with other social or ethnic groups during childhood.

Over the past decades, the number of people who can get elementary education has increased significantly. It led to a rise in the demand for higher education. The rapid emergence of markets for manufactured goods and services in the Middle East requires the region to improve its ability to compete in these markets. The country must ensure that its citizens have the required knowledge and skills to compete in these markets. There is also a positive feedback loop between education and economic growth, as it allows low-income individuals to seek out economic opportunities. It is for the reason that, education becomes a state responsibility; it will permit people to improve their skills.

Education Quality in Economic Growth

The importance of education sector in economic growth has been recognized by our ability to explain global economic growth. Education can help poor people lower their child's chances of being productive members of society. It will also improve their standard of living and economic development in education. They are some types that should develop to improve economic growth.

General or basic education

This course should introduce the students to various topics such as reading, writing, and math. It should also teach them about basic science and the environment.

Family improvement education

This course should introduce the students to various subjects, including reading, writing, math, and science. It should also teach them about the environment.

Community development education

This type of education should be deliberate to improve the working of rural communities and institutions. It should also focus on topics such as rural development and self-government.

Occupational education

Under this scheme, students should be skilled and equipped to execute various agricultural tasks accurately and efficiently. This would enable them to make a living from self-employment.

Education in the above senses is one of the fundamental elements of economic development. No country can achieve sustainable economic development without a significant investment in human capital. Education enriches the understanding of us and the people of the world. It improves their quality of life and provides a wide range of benefits to individuals and society. Education increases people's productivity and creativity and promotes the development of skills as an entrepreneurial spirit. It also plays a precise role in securing social progress and improving income distribution and economic growth.