...Education Is The Only Most Significant Aspect Of Economic Development For a country to grow economically there requires being engagement of human capital and skills. However, skill are created and enhanced through formal schooling. It is believed that economy interacts positively with education an aspect that leads to prosperity of a country’s economy. Since the advancement of technology, education becomes increasingly valuable as well as its utilization in various aspects on the job. By enabling employees to continue their education, they are more likely to improve their work rate and in doing so increase economic growth. In this view, the country needs to train and educate workers to enhance their performances in these industries. While it is believed that other factors such as economic policies, institutional quality, government, resources endowments, national resources, and cultures foster economic development, education is only significant factor that supports economic development. The modern economy is characterized by technology oriented goods and services. These qualities in the market require enhanced level of education to achieve the economic goals set by the country and the society. In order to use the products that serve the contemporary world, consumers are required to adopt the necessary information and knowledge about the commodities. Acquiring the important information on the product use is the act of education. Thus, through education, the quality...
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...this introduction on Nigeria’s economic development challenge, this paper reviews business economics, outlining the relationship with innovation and social entrepreneurship. It also presents a holistic framework for economic development covering the individual, firm and macro levels, and outlines the roles of stakeholders at each level, in fostering national development. It concludes by calling on all stakeholders to play their part in leveraging entrepreneurship and all aspects of business economics to unleash the wealth of human capital that Nigeria is endowed with so that more people can participate in the transformation of Nigeria. Nigeria as the most populous country in Africa is naturally endowed with millions and millions of acres of arable land, 38.5 billion barrels of stated oil reserves, vast gas reserves, a variety of unexploited minerals, and a wealth of human capital by virtue of its estimated population of 150 million. It is the world’s eighth largest exporter of oil, and Africa’s second largest economy, after South Africa. Nigeria accounts for 15 per cent of Africa’s population, contributes 11 per cent of Africa’s total output and 16 per cent of its foreign reserves while it accounts for half of the population and more than two-thirds of the output of the West Africa sub-region. It has been at the forefront of the resolution of many political challenges in Africa. Over the last decade, Nigeria has implemented far reaching economic reforms aimed at improving macroeconomic...
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...such as population growth, health and education were emphasized almost a hundred years ago, for decades some developing countries are still not doing good at their economic development in terms of population growth, health and education. In 2013, the world has a population of about 7.2 billion, and at the same time, it was expected that population would rise by 0.9 billion in 2025 and reach 9.6 billion approximately by the year 2050. Will a developing country become a developed country because of rapid and positive population growth? No in general, rapid population growths in China and India tell us how problems like hunger and health issues are made and such problems lead to economic growth is slower than population growth....
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...INTRODUCTION This essay seeks to show an understanding of the interface between economic growth and economic development and offer recommendations of what a country like Zambia needs to do in order to achieve them. Firstly this essay will define terms such as development, economic growth as well as economic development. It will then proceed with a brief discussion of the various measures of development, and show why the human development index, has in recent years become a widely accepted measure of development. This essay will then highlight the interface between economic growth and economic development and finally offer resolutions of what a country like Zambia needs to do in order to achieve both economic growth and economic development before drawing to a conclusion DEFINITIONS Development: Development according to Todaro (2003,16) “must be conceived of as a multidimensional process involving major changes in social structures, popular attitudes, and national institutions, as well as the acceleration of economic growth, the reduction of inequality, and the eradication of poverty”. He further went on to explain that development, in its essence, must represent the whole range of change by which an entire social system, tuned to the diverse basic needs and evolving aspirations of individuals and social groups within that system, moves away from a condition of life widely perceived as unsatisfactory toward a situation or condition of life regarded as materially and spiritually...
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...Shomos (2010), the country has been experiencing rising economic growth, as well as a rising working-age population that is illiterate. This has caused a problem in the Indian labor market, in that the general educational level of the labor force that lies between ages of 15 and 59 years is very low. In 2010, India had a working population of 431 million people out of which 29% were illiterate. Also, about 24% possessed an education below primary or only primary education and only about 17% had a secondary and higher education. Ramachandran and Chatterjee (2013, p. 32) stated that while India is the second most populated country in the world, with a current population of about 1.21 billion with an average population growth rate of 1.41%, this is a clear indication that this population will increase more with time. When looking at the age structure, people who are 15-64 years old make up 65% of India's population and only 30% being under 15 years of age. This clearly indicates that India is composed of a rather young population. As per the 2011 census, literacy levels stand at around 74.04% and this is a significant progress from the 14.5% rate at the time of India’s independence in 1947, though the census still reveals that the adult literacy rate in India was more than 11% lower than the average World Adult Literacy Rate of 84% (Census of India, 2011c, p.101). Despite major reforms and programs intended to develop the education system, India is still struggling with low rates of...
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...the Role of Innovation in the Economic Growth Process Surrounding the Role of Innovation in the Economic Growth Process Innovation Innovation is an essential element for any organization in order to survive, grow and significantly influence the direction of any industry. Development does not; however, guarantee success, but most be followed up with successive streams of innovation and change, from the incremental to the radical. The most reliable way to be successful in the industry is to innovate better and longer than the competitor, leading companies develops innovation portfolios that they can use to help sustain growth over the long term. Innovation and change is an essential part of any business activity, but only some people recognize its importance and significance. Often, management fails to notice the implication of innovation and change, which becomes the reason of the change failure. Innovation can be summarized in two main areas: innovation is doing something nobody has done in the history of the world or do something that we have not done before. Innovation does not always fit with what we do, and a lot of new opportunities that are found in the company do not sit well with her. So the first step is to create a "space" where these opportunities can be developed, at their own pace and without neglecting the routine tasks. It is therefore; necessary to release resources to enable people to experiment with these new ideas. It is also necessary that...
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...only determinant for the growth of the economic duty of the nation is capital-labor ratio then it would be easy. A government controlled by a great and wise mind about economy would be a big advantages. The truth is that social systems matter for the economic growth makes the problem of the underdevelopment far more complicated situation. It also means that the non-economic variables impinge on economic performance. A Social System that will fail The kind of governance that will surely fail is the communism. Communism is a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs. Ralph Peters, a retired lieutenant colonel formerly with the U.S Army Intelligence,discern seven failure factors of having a poor performance being communism. • The lack of information from the government. • No freedom for the women • • Restrictions on the free flow of information. • The subjugation of women. • Inability to accept responsibility for individual or collective failure. • The...
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...Organization [UNESCO] Conference on the Development of Higher Education in Africa held in 1962 at Tananarive referred to higher education as: all types of education of an institutional nature (academic, professional, technological, teacher education) such as universities, university colleges, liberal arts colleges, technological institutes and teacher training colleges, for which the basic entrance requirement is completion of a full secondary education, of which the usual entrance age is about 18 years, and in which the courses lead to the giving of a named award (degree, diploma, or certificate of higher studies). In the current knowledge-based economy and the globalization phenomenon, tertiary education plays a vital role in the socio-economic development of the nation. It has a key role to play in the creation, dissemination and application of knowledge, production of human capital as well as the development of skills and adaptation of knowledge to meet developmental needs. It also has a role to play in the strengthening of the entire education system and fostering synergies in the entire economy. (Report on the President’s Committee on Review of Education Reforms in Ghana (2002). Obiageli Ezekwesili, World Bank’s Vice-President for Africa, asserted to this fact in her speech citing Ghana specifically. She said: “Universities need to pay more attention to the quality and relevance of higher education to economic growth and competitiveness.” She added that Ghana was “the perfect...
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...Higher education is no longer a luxury, it is essential to national, social and economic development. Today, more than ever before in human history, the wealth-or poverty-of nations depends on the quality of higher education. Those with a larger repertoire of skills and a greater capacity for learning can look forward to lifetimes of unprecedented economic fulfillment. But in the coming decades the poorly educated face little better than the dreary prospects of lives of quiet desperation. The world economy is changing as knowledge becomes a key source of wealth. Expanding educational opportunities can lead to income growth, skilled labor pools, expanding choices and increasingly relevant skills that can help promote development. A recent study shows that faster rates of growth were associated with increases in human capital and the ones which had more rapid growth had more developed secondary and tertiary systems at outset. Higher education is necessary for growth but not sufficient. It is vital that the social, political and economic structures and the technological level of society to which the educational system belongs are such that graduates can actually make use of their accumulated knowledge. The emergence of a global economy due to increased trade, investment and mobility of people across borders have forced nations to adapt their systems of higher education to the changed global realities. Countries are shunning their inward looking policies and marching towards global...
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...Singapore. Venezuela, El Salvador, and Jamaica have similar economic, social, educational and government that contribute to their high homicide rates. All three countries have high poverty, organized crime, slow economic growth, overcrowded prisons, and poor police. People in these countries usually do not continue their education due to the lack of money. Due to prisons being overcrowded people usually get away with their crimes. “Critics often say the reasons are plain to see but are not tackled. They include poorly paid and often corrupt police (responsible, even by official admission, for 1 in 5 crimes);a corrupt inefficient and politicized judiciary; possibly the most violent and overcrowded prison system in Latin America; and over worked prosecutors, who are often enlisted to persecute the political opposition instead of putting criminals behind bars. (P.G., 2010) Organized crime such as illegal weapons, class warfare, and drugs also contribute to citizens feeling unsafe. “Most Central American Governments are ill-equipped to tackle the mayhem. (Organised crime in Central America, 2011) . This means the government does not have enough recourse such as police and prisons to keep up with the organized gangs. As you can see economic, social, educational, and government contributes to the countries high homicide rates. They have organized crime, poverty, slow economic growth, and overcrowded prisons. That also plays a role in high homicide rates. On the opposite...
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...Resolution Unit: Research Methods Assignment: Role of Women in Fostering Development Research topic: Role of women in fostering development Introduction Women play a central role in the moral, physical and emotional development of any institution or individual. They play a key role in the eradication of socio-economic challenges such as hunger and poverty that hinder development in the society. Their contribution towards issues that concerning the family and the community at large have positively influenced the growth of development in the society. Women in the rural areas, for example, perform tasks that are not economically active but have great significance to the household at large. They play an important role in the translation of the agricultural produce from the farms into food and nutritional security for their families and the society. The World Bank forum of 2008 researched and concluded that if a woman had a stable income, she would use it on food and nutritional requirement for her family (World Bank, 2008). Women face many challenges that hinder their efforts of becoming champions of development, For example, they lack access to decent work that could assist them in improving their socio-economic circumstances and welfare. Most women are self-employed which means that they earn low wages. The society, therefore, suffers huge economic and social costs due to the inefficiency of the women caused by lack of income...
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...Adult Higher Education is essential, only a few disputes discussing this highly regarded disparity in academia, standards ruled by race and economic status. A quality education versus a meager one could increase chances of taking advantage of opportunities to be successful in life. There is an opportune likelihood that schools attended elementary throughout high school lacked many necessities; living in a poor neighborhood and being a minority. A higher education helps prepare one to participate successfully in the job market with their peers. Not surprisingly, since job opportunities are lessening even for those who have obtained more than one higher education degrees. Considering the prevailing understanding of the knowledge economy has been defining forces. 1) The increase in quality and power of education as a vital component for economic development. 2) The escalating globalization through acquired facts of both knowledge exchange and economic activities. The foundation in adult higher education is primarily focused on economy growth and the role of adult higher education. Whereas the new era of global economics and information society has refocused and increased the leadership role of adult higher educations to become essential contributors to the current global environment. However, adult higher education has endured a significant transformation from its roots in independent and online distance study. In recent years, the reformation has been illustrated by the creation...
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...MANAGEMENT DILEMMA The challenge facing higher education institutions is level of technological entrepreneurship and innovation of first year students in the field of Technological programmes. This phenomenon has put pressure on management of higher education institutions to introduce entrepreneurial mindset and encourage innovation. The research in 2007 undertaken by Development Policy Research Unit (DPRU) of University of Cape Town has shown that 23 percent of students choose qualifications mainly for the employment opportunities. PROBLEM STATEMENT The study seeks to investigate factors that influence technological entrepreneurship and technological innovation of first year students using Walter Sisulu University as a case study. Shein, Crous and Schepers (2010: 1) in their recent research paper found that not only in growing economies such as South Africa, but in other economies, entrepreneurship takes a proactive role in businesses and contributes to job creation. Students admitted to universities in various technological programmes have a mindset of looking for employment on completion of their qualification, rather than of opening their own small and medium enterprises (SME’s). The main purpose of entrepreneurship education program is to provide the students with necessary entrepreneurship and business knowledge, to allow easy transition into private sector and carry out their businesses successively, Patıra and Karahanb (2010: 27). Stats SA shows...
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...governance focuses on formal and informal mechanisms that are set in place to manage social, political and economic relationships. Governance therefore encompasses complex systems structured as hierarchies with centralized and structured chain of communications with collective decision making. One truism that can be drawn from governance is that it is differs from place to place and system to system. Good governance usually is based on some characteristics like it is consensus oriented, transparent, responsive, effective and efficient, allows specialization. It is responsive to the present and future needs of the society. Environmental sustainability involves making decisions and taking actions that are in the interest of protecting the natural world with emphasis on preserving the capability of the environment. Environmental sustainability is not just about reducing the amount of waste or using less energy, but it’s concerned with developing processes that will lead to a sustainable future. Many cities are responsible for polluting the environment in ways that are not sustainable. Environmental sustainability forces people to look beyond short term gains and look at the long term impact they are going to have on the natural world. Good governance of cities in order to control unwanted waste and pollution can help attain a sustainable environment. A city that incorporates economic, ecological and equity dimensions in its development choices would lead towards environmental sustainability...
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...fool forever.” In light of this famous Chinese maxim, the question we wish to pose today is; is the current National Education Policy (NEP) of Pakistan capable of achieving that which its predecessors have failed to deliver? The answer to this question is not quite as simple as it may seem at first sight. In the course of this paper, we intend to take a step back from the deluge of specific data available on Pakistan’s educational sector and instead, analyze the broad strategic importance of education and the NEP at large. Furthermore, we would, through the course of this paper, dig to the roots of the main problems that have marred the NEP of Pakistan in the past. The representation of numbers will be used where it is most comprehensive, but it should be borne in mind that the strategic importance of education policy, and its effectiveness, takes precedence over the depiction of specific policies being followed at various levels in the education sector. Education, Strategy & the NEP: The vital role of education in the economic growth and social advancement of the society is undeniable. In fact, the relevance of education to the global competitiveness can be gauged from the fact that education forms two pillars (out of twelve) of the Global Competitive Index (GCI). Exhibit 1 shows an excerpt from the GCI report of 2007. The position of Pakistan on the education front relative to its major international competitors is indeed grim. What then, is the NEP targeting? Here, it will...
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