A Comprehensive Study: Education's Impact on Economic Development

This essay explores the multifaceted role of education in fostering both individual development and economic growth. It highlights education as a crucial tool for enhancing personal skills, knowledge, and opportunities, leading to improved income generation and social relations. The essay references the views of Nelson Mandela, emphasizes the importance of English proficiency in the globalized world, and discusses how education contributes to human capital and economic advancement. It also examines the impact of globalization on education, the role of government scholarships, and the relationship between family and education. The conclusion reinforces the importance of education for self and economic development, emphasizing its role in driving economic growth, social relations, and overall societal progress. The essay supports its arguments with references to various books and journals.

ASSESSMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................4

INTRODUCTION
A part of English purposes, it is found to have social and economic implication to its
educators. It also seen as social and economic mobilizer. In most of countries English learners
are seen as more educated or higher professionals, as they have such as higher respectable
degrees with them. Students who know English it is easy to get job for them rather then non-
English workers. It helps student to develop their learning skills and speaking skills who are
interested in post graduation or got some higher level jobs in reputed firm because a reputed
company wants good communication skills in any country. So it is important tool in education to
improve learners skills (Power, 2015).
MAIN BODY
As per the Nelson Mandela 1995, Education plays main role in development of every
individual as it is great engine. As he said that through education anyone can become anything
such as they said daughter of a peasant can become a doctor and son of farmworker and become
a president (Power, 2014). An education can develop a person's skills such as reading,
communication, knowledge and research skills and it can provoke person to become a great
personality. In current era, English plays a key role in education purpose, anyone can see its
importance in Education. The ability to speak English properly allows individual to enter in the
professional world. A person who is able to speak in English makes them horizon's
communication around the world that creates social and economic relations between different
countries. Individual can learn English on online platform at own pace at own time. It allows
individual to go any country for the job so that they can develop own skills and lifestyles by
earning more money. Through the education an individual can fulfil its all dreams (Ovando,
2003). In now a days time is all about skills and qualifications, more education it allows person
to grow itself and develop its social and economic relations by communicating different cultures
people in professional manner. As per the Anil Rampal, for proper mental development is
important to study the best literatures. Moreover, I a individual got to foreign countries for their
studies they need to learn English first. Even after the completing education such as engineering
or any other professional course they need to English as in today's time all interviews and GD's
are happens in English language only. English is very useful in our society and communication
for because it use in our daily life. It helps us to contact with other people who belongs from
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another country (Levermore, 2008). Education and learning have direct effects on health,
nutrition, fertility, maternal and child morality and helps in economic growth and human
development. Human's development and economic development must go hand in hand. Better
education leads not only skill development but the higher income of individual. It is the most
important investment in a company that can make its future, it contributes in social stability and
growth of the economy. As per Pamela A. lemoine, Globalization is a force that indicates the
virtual economy and how can an individual share its knowledge and used it. As it give more
opportunities to individuals to educate themselves but in order to unemployment rate it increases
it day by day because more number of educated people leads to more jobs (Hu and Zhang,
2012). Due to less opportunity its allows to more unemployment rate. It helps economy to driven
up in case of education level, professionals, businesses, employment, income generation and
better infrastructure. It move our economy towards globalisation that help country to create
social relations easily. Education raises individuals productivity and creativity that promotes
economy and technological advancement. It expands our vision and facilitate awareness about
the things which is run into the world and it provides disciplined in life and better earning
opportunity to us. It increases people's understanding power to know itself and the world. It is
the reason behind to improve the quality of lifestyle and helps in order to provides social
benefits. As human capital is most important factor in economy, so now every economy accepts
the investment in the education sector. It generates the tax liability of individuals in order to
contribute in economic growth. If a poor son wants to become a great personality or a farmers
son wants to become the president through better education they can improve their qualities and
can prove this statement true. Even our government provides some scholarships to those students
who are not able to pay for it and has better grade who literally want to become something.
There is a big relationship between family and education. Through job person can fulfil are
requirements or needs of family (Gylfason, 2001). A family with quality life usually places
priority on the education of the children. From the above discussion I am totally agree that
education is a key of development and growth of any individual because when a person is able to
get an education they have better power to analyse themselves and skills helps them to generate
their income level that creates social as well as economic relations.
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CONCLUSION
From the above report it has been concluded that education plays vital role in self
development as well as economic development. This is the important tool from this a individual
can brings more success in society in current trends. It is about to enhance personal skills and
knowledge of individuals that helps them to get more opportunities to achieve better possibilities
in personal growth. An individual or human capital is the main key of economy growth more the
income generation leads to better economy. It helps individual to create social relations with
those people who are leaving in our country or from another country. It leads to driven up
economy by multinational corporations, employment, research and development and better
infrastructure that makes our economy better then other countries.
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REFERENCES
Books and journals:
Gylfason, T., 2001. Natural resources, education, and economic development. European
economic review. 45(4-6), pp.847-859.
Hu, W. and Zhang, X., 2012, September. A rapid development method of virtual assembly
experiments based on 3d game engine. In 2nd International Conference on Electronic &
Mechanical Engineering and Information Technology. Atlantis Press.
Levermore, R., 2008. Sport: a new engine of development?. Progress in development studies.
8(2). pp.183-190.
Ovando, C. J., 2003. Bilingual education in the United States: Historical development and
current issues. Bilingual research journal. 27(1), pp.1-24.
Power, C., 2014. The power of education: Education for all, development, globalisation and
UNESCO (Vol. 27). Springer.
Power, C., 2015. Higher education: The engine of development. In The power of education (pp.
163-186). Springer, Singapore.
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