Education is a highly productive investment
Education is a highly productive form of investment. Machines are no more important than the men who make them, maintain them or improve them. The importance of scientists and engineers for being economic specialists is very high. Studies have shown that the suppression of a disease, say, malaria brings great increases in energy and output.
Scientists, engineers and doctors are, therefore, good educational investment. The fact is that education is of high importance both as an object of immediate consumption and as a form of investment for economic development.
Education does have a multi-dimensional impact as a form of development investment. Knowledge/technology, being the intrinsic component of education, has emerged to be an integral part of the economic system of developed economies. The major developed economies of today owe a great deal to the high levels of skills and education.
The key driver of growth is human capital, which taking advantage of the information revolution, in the wake of fast and efficient electronic communication, has accelerated the process of production manifold and raised the volume of global trade beyond expectation. It is due to this reason that 50 per cent of the GDP in the developed countries is now based on the production and distribution of knowledge. It must be realised that it is the accumulation of knowledge, which contributes to sustained economic growth. Information and knowledge can be shared and actually grow through application unlike other resources that deplete when used.