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Role of education in economic development

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Role of education in economic developmentIn a knowledge-based era of economic development, education which is the fountainhead of knowledge, has assumed an added importance. In fact, education works as a driving force in the development process of a country and brings much-needed intellectual capital and technological changes, which make the economy more competitive and innovative by developing human capital with better skill and expertise.

Is education a pre-requisite for all socio-economic progress or the cause of education could be served well, after developing a reasonable economic base. Economic development is considered as the investment of present resources for future increased production. Savings can be invested for growth. Education is both a form of consumption and a kind of investment. Like bread, it is something we consume, but like a canal or dam, in which we invest to produce for the future. This difference has given rise to two schools of thoughts. Those who think education as a consumer service, keep the role of education in development at the backburner.

If education is a consumer service, then it becomes something on which we must save for necessary investment. The exponents of education argue that man does not live by bread alone. The nourishment of the mind is equally important.

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