How Education Contribute to a Country’s Economy
Every one of knows how important education is for us. No matter if you are rich or poor, everyone has the right to educate themselves. Education brings a number of positive changes in a person and also in the nation as a whole. Due to this reason, you might have seen or heard that different countries provide huge number of facilities to the students for their education. Either this facility is free education, scholarship, amazing infrastructure, extra-curricular activities, sports, etc. it is provided to the students.
A country with more number of literate people will have better economy as compared to the country where more than half population is illiterate. We must understand why education is so important in our life? The leaders of nation understand the importance of education. Due to this reason, students and youngsters are given lectures, motivational speeches, etc. on education. The young generation today will be the future of the country. Therefore, emphasis is given on education.
Also, in schools and colleges, instructors and professors tell students why they need to pay attention in class and study hard. If you are a student and want to contribute to the development of the country, you can do it just by educating yourself. Make sure you set your goals and study to achieve them. Complete your work on time, join clubs, participate in extra-curricular activities, attain good grades in exams and assignments, etc. If you require assistance in your academic writing, then you can take assignment help Melbourne, it will help you to curb your inefficiency in writing thereby improving it.
How education helps a nation?
All of us are well-aware about the importance of education. But let us take a look at how education actually affects the economy of a country. Education brings these positive factors that develop the economy and the nation.
- Productivity – Educated people bring productivity in their work. Have you ever wondered why the educated people earn more than others? There is no denying that the educated person is respected and admired. Productivity refers to do something productive. This can be either in manufacturing sector or skills of a person. The educated persons are usually placed at a manager level where they formulate plans to increase the productivity of a company.
Higher positions in a company are reserved for highly educated and experienced persons. The owners of the company trust their actions and hence, they are hired. The multinational companies and all the national level companies contribute towards the growth of the economy.
- Efficiency – Another thing which education helps in increasing is efficiency. Efficiency is performing the work in a way that output is high and input is less. If a person is efficient, then he or she will be able to bring more productivity with the minimum efforts thereby optimizing all the resources.
If efficiency is less, then a lot of efforts, manpower, and capital is wasted. The work that can be easily done with less efforts and investment will required require huge investment. But despite of spending huge capital, the output will be limited. Hence, education is important for bringing efficiency in people as well as in the work.
- Professionalism – Professionals are required in huge companies and also in the domestic ones. Why are professionals hired? Professionals have experience are aware of the methods that can be used for improving the position of companies, economy, scale, etc. Many companies hire only professional and experienced candidate for managerial positions.
A genuine person who is not educated or is less educated can also be good in management. But he or she cannot get employment in companies. It rarely happens where illiterate person can get employed for operational work. When the professionals are performing some work, the quality of the work is increased. Hence, they are preferred as employees, leaders, managers, etc.
- GDP – GDP is Gross Domestic Product of the country. It is helpful in determining the amount of profit a company makes as a whole. If a person is educated, then they will be employed on higher positions. These higher positions offer great package. If all the people in the population are employed at good positions, then they will pay their taxes at time. Even the people who are into entrepreneurship will pay their bills and taxes on time.
If the people in the country are contributing regularly paying taxes, then the income of the country can improve greatly. Also, the per capita income of a nation will be increased. Many people confuse GDP and per capita income. GDP is the income of the nation, whereas, per capita is the income of an individual person. Total GDP is divided by the number of people in the country; this is done to calculate the average per capita income.
- Increase Satisfaction with Life Index – Satisfaction with life index was started by the Adrian G. White. He was a social psychologist; he created this index to check the level of satisfaction of the citizens living in different nations. Satisfaction is very important in life. Also, it is essential for a country to provide satisfaction to their citizens. It helps in maintaining balance and peace in the country.
Education brings many things; one of the things is employment. An employed person will have finances to meet his or her expenses and hence, will have sense of satisfaction. A nation with educated people will also help its citizens to attain the satisfaction. If all the needs of the citizens are met, then that nation will have a high satisfaction with life index.
- Employment Rate – Another factor which is essential is the employment rate of a nation. More number of unemployed people will not help in increasing the development of the country. On the contrary, if more people are employed, then they can easily get job and also get into multinational companies. In this way, educated people will be employed in the vacant positions of the companies. Hence, education helps in improving the employment rate. If the government helps the citizens in getting employed, then many people can be benefitted from it. More employment will bring satisfaction in the citizens and also improve the economy of the country. Research and development programs can be made to improve the technology in various sectors.
These are some of the key aspects that help in the development of a nation. Education is responsible for all these factors. Since, it plays a vital role in many sections of the economy; students are emphasized to study and learn its importance.