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
What are the advantages and disadvantages of monopsony?

Explain about the optimal consumption rule. The optimal consumption rule: While a consumer maximizes utility, the marginal utility per dollar spent should be similar for all


Specific Monopolist: Suppose a monopolist firm, I-Tech, pays $500,000 in short-run costs for its capital and unskilled labor. Its only short-run decision, th

Low standards of living: In developing nations general standards of living tend to be very low for the vast majority of the people. These low standards of living are manifest

#question. what is the underlying reason for the law of increasing opportunity cost?

Functions of the WTO: The WTO performs the following functions:   •  It administers through various councils and committees the 29 agreements contained in the final act of

reason for kinked demand curve

Floating exchange rates There are two basic systems that can be used to determine the exchange rate between one country's currency and another's: a floating exchange rates (al

1. Suppose that Mr. John has the following Cobb-Douglas utility function U = 6X^2/3y^1/3 the market price of X and Y commodity are $1 and $2, respe