Education is a highly productive investment
Education is a highly productive investment. Machines are no more important than men who make them, operate them and improve them. Scientists and engineers are considered an important driver of a country’s economy. On the other hand, great medical inventions and discoveries have improved the quality of living, thereby contributed immensely to a country’s growth and development.
Scientists, engineers and doctors are, therefore, considered good educational investments. Indeed, education is of immense importance both as an object of immediate consumption and as a form of investment for economic development.
Further, education does have a multidimensional impact as a form of development investment. Knowledge and technology have emerged as an integral part of the economic system of developed economies. Most of the developed economies of today owe a great deal to the high levels of skills and education.
In any country, its human capital is the key growth driver. Leveraging IT revolution and effective electronic communication, people in developed countries have been able to increase their production process manifold, resulting in a significant rise in the volume of global trade.
Time has come to realize that the accumulation of knowledge contributes immensely to sustained economic growth. Both information and knowledge can be shared and actually developed through their meaningful application, which is quite unlike with other resources that are prone to depletion after certain time of use.
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