What is the relationship between economic development and education?
The connection between economic development and edict is that education is a facilitator of economic development. Education is an investment in human capital, which is expected to bring results that reflect on the improvement and growth of the economy of the nation. This effect can be observed in areas with high percentage of well -educated people. These people are able to direct their knowledge concerning the events that lead to the development of the economy compared to areas where there are few educated people.
An example of a connection between economic development and education is the value derived from the improvement of knowledge. Education involves a formal or informal process of people instruction and storing the capsules of knowledge within them. For example, when someone goes to school to train as an engineer, this process will include a number of training, tests and other forms of practical and theoretical learning aimed at improving the person. After the individual has gone through this formal training, it will helpDevelop the economy through the application of knowledge acquired from training for various projects that will lead to economic dividends.
Another example of the connection between economic development and education is the ability of members in the educated society to use their knowledge to discover new opportunities for creating wealth. For example, most people in third world countries may not be able to develop models that will help them efficiently use their resources in a beneficial benefit due to a significant low ratio of educated people in focusing on the percentage of educated people in developed countries. An example of this scenario can be seen in a situation where there is no lack of proper infrastructure to maintain efficient energy distribution, which leads to constant power outages and lack of energy in some parts of the community. Such a situation affects the country's ability successfully and often results in low gross domestic product(GDP) for these regions.
Economic development and education are related to the way education leads to the ability of individuals to create opportunities for economic development. For example, an educated individual may be able to apply the knowledge gained through education to the development of subjects such as solar energy products, as well as other equipment and machinery. These products can increase demand for locally produced goods and also increase GDP of such countries.