Importance Of Education For The Sustainable Economic ...

The fundamental problem of development is not to create wealth itself, but to create the capacity to create wealth- Hans W. Singer. Education is the most potent weapon for fighting with the evil of ignorance. It paves the way towards the sustainability of economic status. To sustain the economic development worldwide, public awareness and education play the vital role. When people become educated, they can raise the standards of their livelihood, and in a broad spectrum can contribute lot to the society. An educated group of citizens is basically an asset to the state and the society where they live in.

Sustainable development is a complicated term to define. Because of its continual evolving nature, many scholars fail to define this term. According to Brundtland Commission, ?Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs?. The varied understanding of the concept of sustainable development sometime creates grave confusions among the people worldwide. By providing education to all, a society or country basically fosters healthy growth of itself in the long run. For countries like India, Pakistan, Bangladesh, and other countries in South Asian region, education is the only means to have proper development.

The basis of any society is made by the common people who are the members of that society. In his book ?The Wealth of Nations?, Adam Smith stated that, ?the proportion between the annual produce of a nation and the number of people who are to consume that produce depends on the skill, dexterity, and judgment with which its labor is generally applied.? In recent decade, the analysis of economic productivity has made allowance for Smith?s ?skill, dexterity, and judgment? of the labor force under the title of labor force quality. It is found that many factors have contributed to the quality of labor force such as age structure and workforce experience, female labor force participation, and immigration.

One of the most important factors for upgrading the quality of the labor force is their educational qualification. It is now acknowledged worldwide that the mass population should have a clear understanding of the world happenings and this can be done only through the proper dissemination of education to the masses. Rising per capita income is directly related to the education standard of the people. Thus, the contribution of rising schooling to economic growth should be examined more directly.

The proper growth of economic status can only be achieved with proper schooling. In the schools, our foundation has been made on which the building of future life will be made. School education paves the way to higher education in the long run. India has also recognized this need of school education. The Government of India has taken gigantic steps to provide education to all. The implementation of Right to Education Act can be said to be a strong step towards achieving the goal of education to all. Education is also central to improving quality of life. Education raises the economic status of families; it improves life conditions, lowers infant mortality, and improves the educational attainment of the next generation, thereby raising the next generation?s chances for economic and social well-being. Improved education holds both individual and national implications.

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Source: http://authorarticle.com/reference-and-education/online-education/importance-of-education-for-the-sustainable-economic-development-of-nation/

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