Examine the role of education in the economic development of a nation.

Education plays a vital role in the economic development of any nation. The benefits of education are –

1) It provides knowledge and skills to people, which improves their productivity and gives them a better opportunity to work and to earn high income.

2) It helps the individuals to accept the modern methods and the modern techniques easily which accelerates economics growth.

3) It reduces the inequality in income and wealth by increasing the earning capacity of the human resource or human capital of the country.

4) It develops the ability among the individuals to acquire new skills and to innovate new techniques so that the work can be done in more efficient and effective manner.

5) It increases the participation rate of people in the economy which accelerates development of the country.