The Impact Of Education On Education And Economic Development

Prior to the 1800s, the world’s investment in human capital (its people) was not considered especially significant anywhere on the globe. Expenses on education, apprenticeships, and other comparable arrangements were quite minor. Education was reserved for the wealthy and affluent in society. However, changes came quickly with the use of science to develop new goods and more efficient methods of production, first the industrialization in Britain, and then gradually in other countries to include our own.
During the 1900s, learning, expertise, and the attainment of knowledge became central dynamics in determining a person’s and a nation’s efficiency. One can even call the twentieth century the time in which the thought of using human capital expanded. This premise was adopted because the primary determining factor of a country’s standard of living is how well it succeeds in developing and utilizing its skills and knowledge, and …show more content…
1, winter 2001. The chief aim of this paper by Ozturk is to confirm the role education plays in economic development and the effect of education on worker productivity, poverty, vocation, technology, welfare, earnings distribution and family. Education offers a foundation for growth and expansion, the basis on which considerable economic and social well-being is constructed. The significance of increasing and economic efficiency and social consistency by increasing the significance and productivity of worker labor helps to raise the underprivileged from poverty. It also increases general productivity and academic elasticity of the work force. It helps to ensure that a country is competitive in world markets now characterized by changing technologies and production methods. By increasing a youngster’s integration with different social or ethnic groups early in life, education adds considerably to nation building and individual