Define economic foundation of education and Discuss the relationship between education and economics
Economic foundation of education refers to those factors of individual and collective economic development which are considered during the formulation of a system of education for a nation. A struggle for the fulfillment of material needs of the individuals is the fundamental subject of economics. Education develops the potentials and abilities of the individuals for the fulfillment of these needs. It can be clearly seen that there is a close relationship between education and economies. This relationship is explained in the flowing lines :-
- Education paves the way to the fulfillment of the economic needs of the individual and society. This close relationship between education and economic needs has been acknowledged by the leading educational economists of the world.
- Education trains the individuals of the society and. prepares them participate in the economic-oriented activities in the society. This training provides necessary skillful manpower.
- A trained and skillful society is, basically a economically stable society. Thus, economic stability had deep concerns with the educated society.
- Research in education has brought about many new theories of economic development. These theories have opened new vistas of economic growth.
- Education uplifts the standard of living of the individuals. This increase in standard of living leads to the increase in grant national incomes.
- Economic prosperity leads to the social stability. All these changes are the product of education.
- A financially satisfied person performs his social role effectively and efficiently. This financial satisfaction brings about social agreeableness.