How Education is Important For Economy Development
Education in every sense is one of the fundamental factors in economic development. Countries will grow if they spend or invest money in Human Capital. We can take the example of a country like Japan. Japan spends a huge amount on its Human Capital and sees it is among the top countries in the world in terms of technology, power, and education. Education helps to raise people’s productivity, critical thinking, and creativity and promotes entrepreneurship and technological advances.
For a long time, Education is like a tool premised on the expectation of its role in contributing to social reconstruction and economic development as well as the creation of sustainable economic growth.
Education helps people to get Employed
A skilled and Educated workforce will perform well. The share of human capital in total wealth is 62%. It also helps people to get aware of society and add value to the workforce which brings positivity to society. A skilled workforce can get more job opportunities and they will contribute to the country’s GDP and will improve the economy.
Increase Standard of Living
High expenditure on education increases the efficiency of labor productivity as they become skilled in their jobs. An educated person works efficiently and is more productive and generates more income-earning capacity. The higher income and greater access to modern techniques and equipment and machines with a rise in the education level raise the standard of living and quality of life in the nation. People can easily buy luxurious things like cars, AC, and other luxurious things that will improve the living standards of people.
Generate Employment in market
Teachers working in a school, college, and other institutes get employment because of education. The professors who are doing Ph.D. do research to invent something which will ultimately benefit society. Educational Institutes give employment to these teachers which ultimately improves the
Countries can compete in the international market
If a country invests a huge investment in education that country will reap its benefits in the future. They can easily compete in the market for technology and machines and defense equipment and can be a large exporter of it and can easily compete in the international market. This is the difference between countries who invest in education and who won’t spend on education,
Need to focus on Results
Education systems that do well prepare children at an early time, prepare them with an industry matched skillset, reform continuously, and use the information for improvement and accountability. The government of a country should invest in test-based accountability. It’s a policy that has a large impact on schools and classrooms. It suggests that test-based accountability will increase equality which leads to increased GDP ultimately.
The development of the Infrastructure of a country improves the GDP. This factor depends on Education. Quality education brings a more skilled and innovative workforce which improves the infrastructure of a country for example more educated and skilled engineers and architects can build the more innovative infrastructure of a city and in a more planned manner by pointing all the aspects in mind of disaster-prone zone country like japan faces a lot of earthquake in the world than any other country in the world still it is a developed country reason is skilled and educated human capital and the underwater train system can only be seen in a country like Japan which focuses on Human Capital of their country.
More startups and more entrepreneurs
You can see in today’s time very young entrepreneurs owning multimillion-dollar companies. Surprisingly these things we were not able to see in earlier times. The reason for this education nowadays is countries are spending more money on education which will develop young children’s minds with logical and critical thinking and creativity at a very early age of life Students will learn to invest and if a person will learn this investing technique that will give profits only. These entrepreneurs take risks at a young age and learn more efficiently because they are educated and with the experience, they will learn how to be competitive and stay in the market. People nowadays come up with a lot of innovative ideas and inventions. If there are more startups in a country it will generate more employment and generate more profits which will increase the GDP of a country.
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