The Influence of Education on Economic Development: A Theoretical Perspective

Abstract

Education in every sense is one of the fundamental factors of development. No country can achieve sustainable economic development without substantial investment in human capital. Education enriches peoples understanding of themselves and world. It improves the quality of their lives and leads to broad social benefits to individuals and society. Education raises peoples productivity and creativity and promotes entrepreneurship and technological advances. In addition it plays a very crucial role in securing economic and social progress and improving income distribution. This paper focuses on the impact of investment in education on economic development.