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Tuesday, 25 August 2015

Economic gains of education


The economic gains of education are concerned with the individual and collective economic development. These gains are closely related with the social stability. The individual and collective development is connected with the acquisition of these gains. The experts hold the following economic gains of education :-

Provision of skillful manpower : 

Provision of skillful manpower to the society is a significant economic gain of education. Acquisition of this gain can cause economic development and individual well-being. The skilled work force of a country plays a productive role in the economic development. Provision of competent and skilled men to the society i is the primary responsibility of education. An education system trains the individuals in conformity with the needs of the country. These skilled competent and trained men do their best for the overall development of the country and thereby make it a stronger, flourishing and prosperous one.

Economic development : 

Education is directly linked with the individual and collective economic development and stability. Education enables an individual to participate in the productive economic activities and thereby promote his standard of
living. When an individual’s standard of living is raised, he starts moving towards the individual economic growth and consequently collective economic development is ensured. Keeping in view the concern of economic development with education, this is the duty of the state to take necessary practical steps to educate and train the men of society so that economic backwardness may be eradicated.

Utilization of natural resources : 

The educationists hold that utilization of natural resources is one of the significant economic gain of education. This is the responsibility of education to enable the individuals to fully utilize the national natural resources. In this Way, the Grand National Products will increase. No nation can utilize their natural resources without an organized system of education established for the individuals. Education produces such skilled and professionally trained individuals who are capable of utilizing the natural resources for national welfare and promotion.

Promotion of economic opportunities : 

Promotion of economic opportunities is also a significant economic gain of education. The abundance in economic opportunities is closely linked with the abundance in employment opportunities. If there is no economic activity, there is no possibility of employment. Education opens new ways of development and economic stability. The individuals get benefit of new economic opportunities and thereby strengthen their economic conditions by means of the process of education.

Increase in individual and national income : 

Every system of education desires an increase in individual and national income. A developed system of education opens new ways of economic development. Education enables an individual to earn his livelihood in accordance with" his potentials and professional skills. In this way, his individual income increases. This very individual income causes an increase in the national income. The experts maintain that individual income is in fact, a national income and economic stability of an individual is the economic stability of the society in reality. When an individual is economically stable, this is the economic stability of the society in general

Rise in the standard of living : 

Betterment in the standard of living is another economic gain of education of today. Education increases and develops those abilities of the individual with which he becomes able to participate in the productive economic activities. In this way, the individual income and the purchase power increase. Increase in purchase power brings about rise in the standard of living which enables the individuals lead a prosperous life. 

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