Industrialization Buchmann's Impact On Education

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1.1 Background of the study
Education is crucial to the socio-economic development of a country. It plays a vital role in building human capabilities and accelerates economic growth through knowledge, skills and creative and innovation strength of a society. The positive outcomes of education include reduction in poverty and inequality, improvement in health status and good governance in implementation of socio-economic policies Buchmann,(2006). The multifaceted impact of education makes it an essential element for policy framework. Developing countries, where majority of the world’s population resides, need to redesign educational policies for promoting productivity in different sectors of the economy by developing highly skilled manpower and addressing their development needs for rapid industrialization Buchmann,(2006).

Some of the earliest work in the economics of education argued that a major effect of education is to improve the production capacity of the human labor. Because highly educated workers are more literate and numerate, they should be easier to train to do more complex tasks. Human capital theory holds that investment in improving human -resources via education, results in improved productivity, and that both the costs of the investments and the benefits of improved productivity can be used to calculate an economic rate of return. The World Bank Policy Paper on Education (2006) embraced human capital theory, observing that education, particularly at the

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