Abstract
Education is considered to play a key role in the economic development of any country because, it is the mechanism through which knowledge, skills and experience regarding different fields can be acquired and ultimately creating the comparative advantage for the country. Hence, the researcher of the study decided to investigate the role of education through the research scholarship in terms of human capital, labor productivity, family, national trade and social equality in order to find out their contribution in the economic development of Pakistan. Hence, the researcher while delving into the matter amazingly found that human capital through the accumulation of new knowledge, ideas and technological know-how, labor productivity enhancement through the effective and efficient human resource, trade openness policy through tariff reforms in order to increase export, the key role of family, as the individuals make decisions at that level, creating social equality through re-distributive policies, all can play their contributory role in the economic development of Pakistan. Keywords : Economic Development, Pakistan, Education DOI : 10.7176/JESD/10-10-18 Publication date :May 31 st 2019
Highlights
Education is an essential constituent in any country’s economic development as it plays a decisive role in overall capacity building and fastening the economic growth through skills, knowledge and creativity
By changing the industrial structure, educational and occupational characteristics of the population, the entire social and institutional fabric can be changed and the growth is measured by putting more people to work within an existing economic framework, economic development is focused on changing that framework so that, people can work more productively, with an integrated economy-wide shift towards higher value-added activities
3.2 Conclusion This study was conducted in order to understand the role of education in the economic development of Pakistan and found that, education is a vital element in any country’s economic development as it has played a significant role in comprehensive capacity building and fastening the economic growth through skills, knowledge and creativity
Summary
Education is an essential constituent in any country’s economic development as it plays a decisive role in overall capacity building and fastening the economic growth through skills, knowledge and creativity. Schumpeter (1961) defined economic development as transferring capital from current methods of production to new, innovative, productivity-enhancing methods and Schumpeter regarded economic development as a fundamental transformation of an economy He emphasized that, by changing the industrial structure, educational and occupational characteristics of the population, the entire social and institutional fabric can be changed and the growth is measured by putting more people to work within an existing economic framework, economic development is focused on changing that framework so that, people can work more productively, with an integrated economy-wide shift towards higher value-added activities. It is observed that, developing countries do suffer from significant income inequality and limited educational attainment (Wolfson, 1997) They receive international aid, but many of them are even unable to deliver adequate medical, social, and educational institutions that ensure the whole population to thrive and despite their economic growth, an insufficient support for economic development, sustainable outcomes those lead to broad-based improvements in quality of life and widespread prosperity remain unachievable. This study has focused upon the role of human capital, labor productivity, family, national trade and social equality in the economic development of Pakistan and will thoroughly investigate their contribution through the recent available scholarship
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