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Essay About Education And Economic Growth

1397 Words6 Pages

Abstract : Since the late 80s, macroeconomists attention was on the effects of government policies on the long-term rate of economic growth. The difference between prosperity and poverty for a country would then depend on how fast it grows on the long run. Those policies are all activities that matter for the economic performance . The government are strongly and directly involved in the financing and provision of schooling at various levels. Hence, public policies in these areas have major effects on a country’s accumulation of human capital. This article reviews the role of education in promoting economic growth at first and then the impact of the economic growth on education. It studies whether there is a relation between the two and if so, whether it is correlation or …show more content…

It measures the volume of the production per unit of input. Inputs can include labor, capital, energy, materials, purchased services and the interactions between them.  Human capital is the combination of knowledge, habits, social and personality attributes (creativity) that builds the ability to perform and produce economic value. This knowledge and these skills people obtain through education, experience, and training. How Does investing in education affects economic growth ? Investing in education comes in the form of important government spending. It could follow different types of policies. It can be by increasing number of schools providing equal chances for everyone, providing free education, insuring high quality of teachers, providing the chance for everyone to pursue higher education .. Investing in education increases human capital per worker. • It is about enhancing the degree to which schooling facilitates the acquisition of professional skills and fosters cognitive skills that foster development. • It is about increasing the innovative capacity of the economy – knowledge of new technologies, products, and processes that promotes

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