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Inclusive Economic Growth Essay

705 Words3 Pages

According to the IMF’s Anand, Mishra & Peiris (2013) , inclusive economic growth refers to both the pace and distribution of economic growth . The term “inclusive growth” is not limited to the scope of growth a country receives but rather also the rate at which it happens. It is most often expected that when the term “inclusive growth” is used, it includes both the marginalized and higher income groups of a country. Therefore, for the purpose of this paper, we will define “inclusive economic growth” as the economic growth of a country to be experienced by both the low income and high income group of a country.
The Philippines is one of the leaders in ASEAN in terms of GDP growth ("East Asia and Pacific", 2016). However, most people express …show more content…

The greatest challenge however is that the cost of college tuition and fees is rising at a faster speed than other commodities (The Economist, 2010).However, evidences show that even though primary education tend to help in lessening the social gap, education after primary school do not cater to the marginalized. This is because students who come from families with lower income have the lower probability to get higher education (Mincer, 1981). Another example is how quality of education increases land and asset value, an observation by Black (1999) states that quality education significantly matters to parents. The researcher’s study shows that if a school performs at least 5% higher than the mean, parents are willing to pay $5,452 more to the cost of housing which is nearer to the attendance boundary of the school. The increase in the parents’ willingness to pay for housing multiplied by the number of houses within the attendance boundary will be the possible increase in wealth of the city. From the situations described above we establish the theory that education (higher education in particular) might just make the rich

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