Summary of education and economic development, Microeconomics

Summary of Education and Economic Development

Economic theory did not place much value on education and training for economic growth and development for a long time since Aristotle. This was alright for an agricultural economy where land as physical and fixed capital along with labour were considered as the two factors of production. Demand for goods and services was also quite low as there was sparse and low volume of population. With the turn of the 15th  century and the coming to an end of the era of dark ages, there was Renaissance associated with growth of science and technology, industrialisation and mass production, communications and transport, and the emergence of a market economy. Specialised skills and training became necessary.

Adam Smith recognised this reality in 1776 and wrote eloquently about the values of education and training and health and fitness, the human capital, for economic growth and development. This line of thinking grew over time and influenced developmental policy and planning since the 1950s, thanks to the laborious lobbying by economists like Theodore Schultz and Gary Becker. Values of health and education, as human resources, are now well recognised for economic growth and development.

 

Posted Date: 12/17/2012 3:05:06 AM | Location : United States







Related Discussions:- Summary of education and economic development, Assignment Help, Ask Question on Summary of education and economic development, Get Answer, Expert's Help, Summary of education and economic development Discussions

Write discussion on Summary of education and economic development
Your posts are moderated
Related Questions
subsitution effect dominate tha income effect in which good case?

What is buget line how it is calculated?

Question 1 Discuss the short-run cost-output relations Question 2 Write a short note on pure competition Question 3 Describe excess profit criterion Question 4 Disc

1. On Wednesday the 16 th , 2008 an enormous avalanche knocked out the lines that transmitted electricity from a hydroelectric dam to Juneau, Alaska. This eliminated Juneau's prima

discuss ho capacity utilization and product differentiation affect internal rivalry and entry barriers with the analytical framework of the porter five forces model. use the econom

Development plan: A Development Plan is a document which contains a policy framework and programme of development for a time period for a country. It sets out the general meas

Continuity and Regularity: We should make it a point that once we have entered the market for a particular commodity and have gained some foothold in it, we must strive to ma

what are jobs of the department of justice and the federal trade commission in business pratices.

discuss the implications of various market structures(competitive and non-competitive) for price determination

Ways in which the markets fail and discuss why government intervention is justified and whether government intervention works or not.