Education and its Contribution to the Development of a Country
Education is defined as the process of gathering information of a certain topic or field. Therefore education is essential to get a person’s life moving in the right direction in their career goals. In many countries around the world, the countries themselves are very poor and undeveloped, and there are many reasons to why those countries could never really get started or get moving in the right direction. Some factors that contribute to a countries state; along with education, are political factors, the natural environment, economic activity, and debt, however it the process of development all starts with the country's people and their education opportunities. Although there are many elements that play a role in the development of a country, the most important factor is the the access to a suitable and appropriate education.
The foundation for a country is the people and how well they are educated, and there are many economic benefits, both personally and collectively, to how well they are educated. One benefit of a good education is that a person is more likely to be ready for and be a better fit for a job, and with a job this person makes money and it affects them, in being able to support themselves but it also increases the GDP, or the gross domestic product, which is just how much an average person makes in one year. In an analysis on the impact of education on economic growth, it is shown that the more time spent in school the more the GDP goes up, for every extra year of school, by 0.37 percent (Hanushek 3). This may not seem more profitable for people, however it is a significant amount, considering what the economy has experienced worldwide since Worl...
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The amount of funding for education was the most difficult to determine. This education system seems to be very inefficient and the huge backlog of teacher pensions restricted the more favorable budget. Well educated students leads to a more productive economy but there are many who do not take ad...
This article discusses the increase in students completing high school and going on to college some of whom obtain a degree while others do not. He also discusses the correlation between the amount of college education and unemployment. He concludes with statistics showing that a college education does pay off if the person has the academic capability to obtain a degree. This article will help me to show the benefits of college for certain people. It will allow me to show that a four year degree is not the best option for everyone.
Odden, Allan, Monk, David, Nakib, Yasser and Picus, Lawrence. "The Story of the Education Dollar." Phi Delta Kappan (October, 1995): 161-168.
Subjects talked about incorporate the advantages, costs and financial return of school training, examination for compensation of school graduates, and the ramifications of rising educational cost and falling wages for the estimation of school instruction (Abel, Jaison R., and Richard Deitz. "Do The Benefits Of College Still Outweigh The Costs?." Current Issues In Economics & Finance 20.3 (2014): 1-12. Academic Search Alumni Edition. Web. 1 May
McGuire, Jeff. "The Benefits of Having a College Education." College View. Hobsons Inc, n.d. Web.
Education gives people the skills they need to help move themselves out of a life of poverty and into one of prosperity. Not only does it help people prosper, but with education comes improved health. With the proper education, people are more able to prevent disease and use the health services at their disposal effectively. As well as a greater knowledge of health and how to take care of your body, education helps people earn more money and creates an economic growth. It is shown that in many Third World countries, with each extra year of schooling, people earn ten percent higher wages. The higher wages, in turn, contribute to a national economic growth. Education supports the growth of civil society, democracy, and political stability, permitting people to know about their rights and obtain the skills and awareness needed to use the rights. This is an important article in the argument because it shows the benefits of a substantial education, which many of the Third World countries are
...s of the process of education, both from an individualised and a global point of view, have never actually been researched properly, not as a unit. There is no comparison between the two. It is a fairly large blind spot, and makes it hard to figure out if the macroeconomic gains are as good as the microeconomic gains on education (Psacharopoulos and Patrinos, 2004). The logical answer would be “yes” if the difference in investment capitals and risks at the higher levels of the economy were not so different. Therefore, one direction of the conclusion would be that further and deeper investigations regarding the social advantages of education emerge as a necessity, since investment and reform financing mechanisms will not invent themselves. And developing countries need clear evidence that school will help them earn a better living (Psacharopoulos and Patrinos, 2004).
The theory model has a residual in the equation and later Mankiw and other researchers realized that much of residual might be due to human capital. Thus, researchers developed augmented Solow models, which contain human capital as an independent variable in explaining GDP growth. The human capital theory (Teixeira, 2016) is the foundation of this research as a country puts investment into educating human to learn skills and technology, the production per worker will increase as same as an operating machine with more advanced technology in the factory. In addition, workers with higher skill and expertise in technology can earn higher earnings to maintain healthy body and thus produce long term reliable production at work, and lead to increase in production for the employer, then the industry and the nation. By using the cognitive skills in measuring human capital can enable the research to see how effective is the education spending on the growth of the nation. From the research question of this study, how do student test scores in math and science affects the national GDP per capita, and the following hypothesis emerges: H1. Country with higher student test scores than OECD average in math and science will grow faster in terms of GDP per capita; H2. Country with lower student test scores than OECD average in math and science will grow slower in terms of
In the consistent developing era of progressing economies, employment caters to those equipped with a college degree, even so, the job market is running on end (Cotton). One- hundred years ago, the equivalent of an eighth-grade education was sufficient, as most were farmers, however, the education system adapted to the needs of the people and the economy (Kingsley and Vance). In this age, many will lack the ability to fulfill a future career as the education system lacks qualifying amendments. By 2020, 65% of jobs will depend upon a university degree. (Cotton). If the American workforce lacks the premium job requisite, is will lose jobs to foreign and overseas workers through, “outsourcing a significant number of manufacturing jobs to lower-paid overseas locations,” resulting in noteworthy unemployment rates for the nation’s non-graduates (Kingsley and Vance). Furthermore, the average American employee with a bachelor's degree net 40% more than those without. The elevated salary procurement augments the country's money flow, which aids in spurring economic activity. The public’s growing acquisition of economic success through secondary education will provide the nation with a global financial advantage. Ordaining free college would boost the American economy as well as the individuals able to garner a
We know that students with more years of education have a jump in expected earnings. Many people consider education as something vital, and, valuable; is the number one source of a successful future. For individuals who believe in college education,
With the global economy relying more than ever on brainpower and innovation rather than raw materials and manual labour as generators of wealth, a good education has become the key factor determining who will succeed and who will be left behind.
India is advancing towards economic prosperity, and a key element to this prosperity is contributed by higher education. It is essential to analyze the contributions made by higher education towards India’s economic growth. It would be incomplete to examine the overall growth in education without referring to the radical changes in the different time periods of history. India is the second most populous country in the world with over one billion people as its citizens. There are more than 700 universities and 35,000 colleges which enrol more than 20 million students hence proving that the Indian Education System is multi-faceted and complex.(Choudaha, 2013)
It is noticeable that the system of education is changing from time to time based on financial issues and how the world is growing. In the past, individuals taught the education system from the oldest member of the family to children, and their members were charging fees from the families that sent their children to them. Which meant that education was an important thing in all ages. Nowadays, the education is shaped to an official system run by professional people in governments and many countries invest high amounts towards education which makes evidence of how important it is in our current life. Every country has a different system of education based on their financial stability, government infrastructure and the standard of the government officials. It is noticeable that there is a big difference between the education in developing countries and the prevailing system in developed countries .In my essay I will discuss some reasons for these differences...
In order for any country to survive in comparison to another developed country they must be able to grow and sustain a healthy and flourishing economy. This paper is designed to give a detailed insight of economic growth and the sectors that influence economic growth. Economic growth in a country is essential to the reduction of poverty, without such reduction; poverty would continue to increase therefore economic growth is inevitable. Through economic growth, it is also an aid in the reduction of the unemployment rate and it also helps to reduce the budget deficit of the government. Economic growth can also encourage better living standards for all it is citizens because with economic growth there are improvements in the public sectors, educational and healthcare facilities. Through economic growth social spending can also be increased without an increase of taxes.
When I was growing up, I remember attending elementary school, learning a new language seems to be difficult at first, but I was able to learn the English language because of the dedication of one of my teachers. Now, as I reflect on this experience, it is obvious that she was dedicated and enjoyed teaching her students to be successful. I know today that she made a difference in my life as I navigated through my education experience and high school years to present.