Why education matters for economic development?
At the World Conference on Justice and Excellence in Basic Education from May 17-19, 2016 in Shanghai, China, the World Bank will highlight Shanghai's notoriety by placing it at the highest level in the world of success. The conference will also discuss how good policies can help improve the quality of education in other countries.Assignment Help in Australia
“Give the man something to eat for a day. Teach someone to fish and you will eat for the rest of their life. ”- Laozi (??), Chinese philosopher and ancient writer, known as the famous Tao Te Ching writer. He is the founder of philosophical Taoism and is revered as the god of Chinese Taoism and traditional religions.
There are more children in school today than ever before. For example, the educational level in Africa in 1950 was less than two years. For over five years. In East Asia and the Pacific, censuses lasted between two and seven years between 1950 and 2010. This corresponds to an increase of over 200 percent! Worldwide, the average age at university is expected to increase to 10 years by 2050. This is more than a five-fold increase from less than a hundred and a half.
Nevertheless, 124 million children and young people have still not gone to school. More than 250 million school children cannot read even after several years of school.Visit : Assignment Help
Education is an investment
The importance of knowledge and learning is obvious from the start. Plato wrote: "If a man does not pay attention to education he will be crippled until the end of his life."For more such quotes visit : Economics Assignment Help in Australia
In reality, however, it was the Nobel Prize winners' economists who viewed the education crisis as an investment. T.W. Schultz said investing in education meant growth, and Gary Becker gave us the human capital theory.
In short, human capital theory holds that investing in education is profitable in terms of higher wages. In addition, the theory and proportionality supported are supported by current science, as explained by James Heckman.
Neurogenesis tells us that learning can continue into old age. The costs associated with investment benefits for older people are comparable. Investing in skilled workers at any time produces higher returns than investing in less skilled workers, and the skill is built at an early age.