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EDUCATION IN ECONOMIC PERSPECTIVE
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B. L. DHAKAR Ex. Assistant Professor, University of Udaipur,
71, Bhupalpura, UDAIPUR (RAJ.)
A pool of creative minds is the greatest strength to a nation. The mind reflects in types of activities, functioning in a nation's body. When a new set of development patterns emerges. in a developing society, it adds cumulatively in the formation of human capital. The potential, so created, paves the way for restructuring the whole economic set-up. A time pattern also comes in, which correlates with the action of human mind and exploitation of natural resources, though both move together on the onward march to shape the destiny of a nation on economic plane. Dynamism, once created, opens vistas of development and sustains economic growth in a dynamic framework. The purpose of the paper is to have a short analysis of economics of education.
Education precedes economic development. The Royal Society of Science was formed in the year 1600 in Great Britain and that became the fore-runner of the Industrial Revolution. Today no nation is untouched from the impact of the Revolution. It is the investment in education and research which lays the foundation of modern developments. We live in a time when knowledge is exploding. Many countries are committed to educational reforms that will make heavy demands on finance and resources. At the same time, they are concentrating their efforts on promoting economic growth. Their demands for investment in physical capital and for a better standard of living compete with the demands for education for extra resources. economy develops, the need for skilled workers, experts and generally educated people increases geometrically. Consequently, education is making new and ever-increasing demands in the economy.1
As the
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The growth of education is partly a response to the growing wealth of society. The increased production of a growing economy makes educational expansion possible by freeing resources for its use. Formerly, education was regarded as consumption, in contrast to that, at present,
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John Vaise and Michael Debeauyais: Economic Aspect of Educational Development, p. 37.
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