Economics policy position Education

Document Type:Research Paper

Subject Area:Economics

Document 1

For that reason, it stays important to understand that education plays a key role in stabilizing the economic situations since the present condition of the economy is dependent on the performance of academic institutions. Academic institutions offers gives individuals cognitive skills that are vital in ensuring the essence of educational attainment stays significant by improving the country’s workforce capabilities. In this manner, education assumes an imperative part in unfolding the international variation in gross domestic product (GDP) across numerous countries. This paper aims at discussing the importance of education on the economic growth of a country by suggesting the implementation of school-based prorams that enrich the quality of education in academic institutions. To begin with, education is an investment strategy for any economic foundation.

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Essentially, the policy of establishing technological programs in institutions helps in creating an independent economic world, which aims at promoting stabilizing the prices of commodities, offering full employment along with stimulating real economic growth across the globe. Another importance of education in boosting economic growth is expanding opportunities and maintaining equality. Primarily, the major aim of pursuing education in any economic foundation is to increase the quality of workforce as well as creating job opportunities based on efficiency and equity among all stakeholders. This ensures that all people get equal chances of competing on a fair ground by the merit of education, which in turn helps selecting the resourceful and capable individuals in regards to competency (Asiedu 37-59). For instance, organizations aims at maximizing profit and reducing the loss by utilizing the available resources to generate more income with less workforce.

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