Economic Growth And Development Essay
INTRODUCTION
The main purpose of this thesis is to demonstrate the role of education in economic growth and development of nations and the effect of primary, secondary, higher overall any kind of education on labor productivity, poverty rate, international trade, efficient technology, health, income distribution and family structure. Education is basis for economic growth and development, the groundwork on which much of our social and economic prosperity is built. It is the key to increasing economic productivity and social consistency. By increasing the efficiency and value of labor force, it helps to fight with poverty. It boost the overall productivity and intellect of the labor force. It helps to be sure that a country is competitive in world markets.
I will try to find how countries developed and their growth level increased by their education level and how we can implement it in other less developed countries or regions to achieve economic growth. Economic growth will bring at the same
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It attempts to explain long-run economic growth by looking at capital accumulation, labor or population growth, and increases in productivity, commonly referred to as technological progress. The model was developed independently by Robert Solow and Trevor Swan in 1956
Neoclassical growth theories
The neoclassical growth theory is the economic theory that outlines how a steady economic growth rate will be accomplished with the proper amounts of the three driving forces:
Labor
Capital
Technology
The theory states that by varying the amounts of labor and capital in the production function, an equilibrium state can be accomplished. When a new technology becomes available, the labor and capital need to be adjusted to maintain growth equilibrium.
New growth
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