Q.13:- Examine the role of education in the economic development of a nation.
The role of education in the economic development of a nation are:
1. Knowledge and skills: It provides people quality skills and knowledge which enhances their productivity. This gives a greater opportunity to do work and earn high income.
2. Acceptability of modern methods: An educated individual is more able to adopt new modern techniques which boost the economy of a nation.
3. Eradication of inequality: Education proves to be an effective tool for reducing inequality. It increases the income earning capacity of economically backward sections of people in a country which reduces the slanted distribution of income.
4. Innovation: An educated person has the ability to develop new skills and innovate new techniques that can be more efficient and productive which helps in the economic development of a nation.
5. Participation rate: If a nation has more educated workforce, it will increase the participation rate of people which will accelerate the development of nation.