Role Of Education In Economic Development – Education plays an important role in the economic development of any country, be it development or growth. There are many assets in the growth of the country’s economy, one of them, perhaps the most important, is the human capital, that is the workers of the country. Good and productive people can lead to economic growth and prosperity through the use of other resources.
Therefore, education is one of the main factors that lead a country to achieve economic growth. Therefore, education has become the most important part of every government policy. Many developing countries and Pakistan have done a lot in education. Many studies have been done in the past to examine the relationship between education and the country’s economy. Here is a long review of some of the most important works done in the past.
Role Of Education In Economic Development
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In 1998, Zafar Iqbal and Ghulam Mustafa Zahid from Pakistan Development Review studied “Macroeconomic Determinants of Economic Growth in Pakistan”. The study examines the impact of some of the key microeconomic factors such as education, physical development, and fiscal deficit on Pakistan’s economic growth. The periods 1959-60 and 1996-1997 were analyzed using a multiple regression model. A large body of evidence supports early education and wealth opening as key factors in increasing growth. On the other hand, fiscal deficits are negatively correlated with output and growth.
The study also shows that financing from external sources is our best option, as external debt is negatively correlated with growth. Research focuses on planning long-term economic policies to sustain economic growth.
The results show that real GDP growth and per capita income are positively correlated with the labor force ratio of primary education. Hence primary education is considered as the cornerstone of Pakistan’s development. It is simply foolish for the government to strive to provide primary education to every poor group before reaching the path of economic growth. It is also known that physical capital is an important part of growth, in every aspect in the business. The test concluded that economic openness “which means openness to the import and export of goods” is positively related to growth. On the other hand, the study also showed that the budget deficit is the most dangerous factor related to economic growth with external debt, suggesting that governments should reduce their deficits by reducing unnecessary development costs, and raising funds using local resources is the best option. we can see.
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The study “Entrepreneurship Selection and Performance: A Meta-analysis of Education in Less Developed Countries” by Van Der Sluis, Mirjam Van Praag and Wim Vijverber in 2004 provides an analytical perspective on the impact of education in choosing businesses. Entrepreneurship and its Impact on Small Countries. It also shows that the marginal school year increases income by 5.5%. These returns vary by city/market location, gender, and the size of the farm in the industry. Also, more educated workers are employed in paid jobs and more in non-agricultural jobs than in agriculture. Educated women are more likely to be employed than self-employed.
The average school age for women is higher in developing countries and in cities. The findings also show that the majority of uneducated women work in low-wage jobs such as food or textiles. This is why education leads women to higher employment opportunities.
In 2004, the work of Mamoon Dawood from the Institute for Social Research received special attention. The study raises an important point about the education policy in Pakistan. It examines the impact of increasing government spending on Pakistan’s higher education sector without focusing on the primary education sector on Pakistan’s economic growth.
Like other developing countries, our education policy is to invest more in higher education at the expense of primary education. Higher education increases by producing a skilled workforce rather than investing in the primary education sector. These returns are achieved through international trade, which is very important for any developing country. The result of this was to create a wide gap between the skilled and the unskilled, leaving the economy in an unbalanced state, as India is facing today. .
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The article shows that this policy is good for short-term growth, but will create a gap that will affect Pakistan’s long-term growth. The study concluded that to address the disparity, the government should take a more equitable approach to primary and secondary education in Pakistan.
Mohsin S. Khan taught in 2005 on the topic ‘Human Capital and Economic Growth in Pakistan’. The paper assesses the factors that explain Pakistan’s growth. Pakistan’s economy is growing faster than low- or middle-income countries, but some other countries in South Asia are doing better. land This paper examines the role of differences in the quality of human capital and its impact on economic growth factors, among other factors.
There are four important factors here, namely, human capital, physical capital collection, school quality, health care, and education. Here human capital is the dependent variable, and these four variables are independent variables. After that, economic growth becomes the dependent variable, and human capital becomes the independent variable.
These four factors are closely related to human capital development, and human capital development promotes economic growth. These variables are positively correlated with human capital development, which is positively correlated with economic growth, meaning that improving any of these four will lead to improved growth. wealth of the country. It is a clear fact that improving business and increasing investment are key to achieving economic growth, but the reality is that the growth of the economy of countries. Better education and better health leads to better workers, which leads to increased productivity, which drives the nation’s productive activities abroad, which leads to growth property.
Exploring The Intersections Of Business Education And Economic Development
In 2007, Michelle Riboud, Yevgeniya Savchenko and Hong Tan conducted a study “The Knowledge Economy and Education and Training in South Asia”. The study examines how people’s education and training in the country can have a significant impact on job creation, sustainable growth, competitiveness and poverty reduction. in developing countries. The study examines skills development and its impact on labor market outcomes in Southeast Asian countries. Skills development here involves education and training of employees. The main purpose of the study is to document and compare education and training trends in South Asia and examine their impact on income and employment.
The study used family, firm-level, and workforce surveys from 1090 to recent years. The study focuses on Pakistan, Sri Lanka, India and Bangladesh, and then compares it with countries in East Asia and elsewhere.
The study concluded that all South Asians are committed to work in the field of education, but their efforts are not enough to connect them with East Asia or the rest of the world. In some cases, the educational gap between East Asia and South Asia is wider than narrow. It was also concluded that progress between countries is uneven and variable. Progress in education towards gender equality in this part of the world is uneven, but this gap has narrowed only in primary education and more is needed to close this gap in the regions high school. There is a demand for highly skilled workers, and governments must focus on access to education and training.
The data available for training and education is reliable and easy to analyze. There needs to be a better data collection system. the government should do better
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