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Education Is the Only Most Significant Aspect of Economic Development

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Education Is The Only Most Significant Aspect Of Economic Development For a country to grow economically there requires being engagement of human capital and skills. However, skill are created and enhanced through formal schooling. It is believed that economy interacts positively with education an aspect that leads to prosperity of a country’s economy. Since the advancement of technology, education becomes increasingly valuable as well as its utilization in various aspects on the job. By enabling employees to continue their education, they are more likely to improve their work rate and in doing so increase economic growth. In this view, the country needs to train and educate workers to enhance their performances in these industries. While it is believed that other factors such as economic policies, institutional quality, government, resources endowments, national resources, and cultures foster economic development, education is only significant factor that supports economic development. The modern economy is characterized by technology oriented goods and services. These qualities in the market require enhanced level of education to achieve the economic goals set by the country and the society. In order to use the products that serve the contemporary world, consumers are required to adopt the necessary information and knowledge about the commodities. Acquiring the important information on the product use is the act of education. Thus, through education, the quality of commodities in the market improves. The quantity of the products also increases, hence the increase in total revenue that is reflected in the total GDP of the country. The increase in total revenue improves the economic status of the country. In order to boost economic growth, Zernov assure that “change the organizational and economic relations in the system of education”(75). Thus, the

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