There also seems to be a correlation between gender differences in education with the level of growth; more development is observed in countries which have an equal distribution of the percentage of women versus men who graduated from high school. When looking at correlations in the data, education seems to generate economic growth; however, it could be that we have this causality relationship backwards.
For example, if education is seen as a luxury good, it may be that richer households are seeking out educational attainment as a symbol of status, rather than the relationship of education leading to wealth. From lack of a more significant correlation between formal educational achievement and productivity growth, some economists see reason to believe that in today's world many skills and capabilities come by way of learning outside of traditional education, or outside of schooling altogether.
An alternative model of the demand for education, commonly referred to as screening , is based on the economic theory of signalling. The central idea is that the successful completion of education is a signal of ability. Although Marx and Engels did not write widely about the social functions of education, their concepts and methods are theorized and criticized by the influence of Marx as education being used in reproduction of capitalist societies.
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Marx and Engels approached scholarship as "revolutionary scholarship" where education should serve as a propaganda for the struggle of the working class. Marx and Engels understood education and free time as essential to developing free individuals and creating many-sided human beings, thus for them education should become a more essential part of the life of people unlike capitalist society which is organized mainly around work and the production of commodities.
Two case studies from Uganda and Sri Lanka
In most countries school education is predominantly financed and provided by governments. Public funding and provision also plays a major role in higher education. Although there is wide agreement on the principle that education, at least at school level, should be financed mainly by governments, there is considerable debate over the desirable extent of public provision of education. Supporters of public education argue that universal public provision promotes equality of opportunity and social cohesion. Opponents of public provision advocate alternatives such as vouchers.
Compared to other areas of basic education , globally comparable data on pre-primary education financing remain scarce. While much of existing non-formal and private programmes may not be fully accounted for, it can be deduced from the level of provision that pre-primary financing remains inadequate, especially when considered against expected benefits.
Globally, pre-primary education accounts for the lowest proportion of the total public expenditure on education, in spite of the much-documented positive impact of quality early childhood care and education on later learning and other social outcomes. An education production function is an application of the economic concept of a production function to the field of education.
It relates various inputs affecting a student's learning schools, families, peers, neighborhoods, etc.
The original study that eventually prompted interest in the idea of education production functions was by a sociologist, James S. The Coleman Report , published in , concluded that the marginal effect of various school inputs on student achievement was small compared to the impact of families and friends. Hanushek , Richard Murnane , and other economists introduced the structure of "production" to the consideration of student learning outcomes. Hanushek at al. A large number of successive studies, increasingly involving economists, produced inconsistent results about the impact of school resources on student performance, leading to considerable controversy in policy discussions.
Two separate lines of study have been particularly widely debated. This article incorporates text from a free content work.
Education economics - Wikipedia
Concepts Theory Techniques. Economic systems Economic growth Market National accounting Experimental economics Computational economics Game theory Operations research. By application. Notable economists. Glossary of economics. Eric Hanushek Lawrence F. Economic Growth Second ed. Boston: Pearson Addison-Wesley. Archived from the original PDF on Retrieved The Formation and Stocks of Total Capital. All these propensities are showing a clear-cut picture of determinants of economic growth neglecting the non-economic factors totally.
Regarding the determinants of economic growth, Prof.
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Again Prof. Following are some of important economic and non-economic factors determining the pace of economic development in a country:. Population is considered as an important determinant of economic growth. In this respect population is working both as a stimulant as well as hurdles to economic growth. Firstly, population provides labour and entrepreneurship as an important factor service. Natural resources of the country can be properly exploited with manpower resources. With proper human capital formation, increasing mobility and division of labour, manpower resources can provide useful support to economic development.
On the other hand, higher rate of growth of population increases demand for goods and services as a means of consumption leading to increasing consumption requirements, lesser balance for investment and export, lesser capital formation, adverse balance of trade, increasing demand for social and economic infrastructural facilities and higher unemployment problem. Accordingly, higher rate of population growth can put serious hurdles on the path of economic development Moreover, growth of population at a higher rate usually eat up all the benefits of economic development leading to a slow growth of per capita income.
Essay on the Economic Development of a Country
But it has also been argued by some modern economists that with the growing momentum of economic development, standard of living of the general masses increases which would ultimately create a better environment for the control of population growth. Moreover, Easterlin argued that population pressure may favourably affect individual motivation and this may again lead to changes in production techniques. Thus whether growing population in a country practically retards economic growth or contributes to it that solely depends on the prevailing situation and balance of various other factors determining the growth in an economy.
Availability of natural resources and its proper utilization are considered as an important determinant of economic development.
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If the countries are rich in natural resources and adopted modern technology for its utilization, then they can attain higher level of development at a quicker pace. Mere possession of natural resources cannot work as a determinant of economic development. Inspite of having huge variety of natural resources, countries of Asia and Africa could not attain a higher level of development due to lack of its proper utilization. But countries like Britain and France have modernised their agriculture in spite of shortage of land and the country like Japan has developed a solid industrial base despite its deficiency in natural resources.
Similarly, Britain has developed its industrial sector by importing some minerals and raw materials from abroad. However, an economy having deficiency in natural resources is forced to depend on foreign country for the supply of minerals and other raw materials in order to run its industry. Thus in conclusion it can be observed that availability of natural resources and its proper utilization is still working as an important determinant of economic growth.
Capital formation and capital accumulation are playing an important role in the process of economic development of the country. Here capital means the stock of physical reproducible factors required for production. The increase in the volume of capital formation leads to capital accumulation. Thus it is quite important to raise the rate of capital formation so as to accumulate a large stock of machines, tools and equipment by the community for gearing up production.
Moreover, capital formation requires the suitable skill formation so as to utilise physical apparatus or equipment for raising the productivity level. In an economy, capital accumulation can help to attain faster economic development in the following manner:. Various developed countries like Japan have been able to attain higher rate of capital formation to trigger rapid economic growth.
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- Two case studies from Uganda and Sri Lanka.
Normally, the rate of capital formation in underdeveloped countries is very poor. Therefore, they must take proper steps, viz. In order to attain a rapid economic growth, the rate of domestic savings and investment must be raised to 20 per cent. Naturally, in the initial period, it is not possible to step up the rate of capital formation at the required rate by domestic savings alone. Initially, to step up the rate of investment in the economy, inflow of foreign capital to some extent is important.
But with the gradual growth of domestic savings in the subsequent years of development, the dependence on foreign capital must gradually be diminished. Being a technologically backward country, India has decided to permit foreign direct investment in order to imbibe advanced technology for attaining international competitiveness under the present world trade and industrial scenario. Capital-output ratio is also considered as an important determinant of economic development in a country. By capital-output ratio we mean number of units of capital required to produce per unit of output.
It also refers to productivity of capital of different sectors at a definite point of time. But the capital output ratio in a country is also determined by stage of economic development reached and the judicial mix of investment pattern. Moreover, capital-output ratio along with national savings ratio can determine the rate of growth of national income. This is a simplified version of Harrod-Domar Model. This equation shows that rate of growth of GNP is directly related to savings ratio and inversely related to capital-outlet ratio.
Thus to achieve a higher rate of growth of national income, the country will have to take the following two steps:.
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