The Classical Economist View on the Importance of Education

INTRODUCTION The world has recorded an improvement in the living standards over the last millennium, most of which can be attributed to the embracing education around the world. Education is a powerful instrument with a huge potential to increase opportunity for individual, community, and countries. It involves the refinement of human resource to explore its infinite potentials to achieve sustenance. It has huge potential to increase human capital in the labor force and also improve the innovative capacity of an economy. Because of the significant impact of education to economic development over the years, early scholars even acknowledged education as a very relevant form of investment in human capital and continue to propose means to†¦show more content†¦Adam Smith also advocates training in the higher sciences which of cause has helped in rapid industrialization of societies by providing the required manpower with technical skills. There continue to be a rise in the rate at which people absorb and disseminate knowledge. Education bring with it enlightenment and self-discipline which if humans possess could help them make right and almost rational decision for themselves which of cause in the end is beneficial to the entire society and country. JS Mill acknowledges by saying giving enlightenment and self-discipline the laboring class could escape the Malthusian trap. He saw education as a way of redistributing income and increasing equality of income. Briddle Davis (2003) confirms that education could raise the psychological subsistence level, thus providing a major check to population. This has a benefit of creating a strong nation that can enjoy better cultural, economic and political benefits. The bottom line is Adam Smith, J.S. Mill and scholars in the classical school in different opinions recognized the necessity for societies to engage in education The Relationship between Education and Economic Growth As noted above, education hasShow MoreRelatedMacro Economics11524 Words   |  47 PagesUnit-1 Q1. Define micro and macro economics, Distinguish between them, and explain the scope, importance and its limitations Ans. modern economy analysis has been divided into two major branches that is micro and macro economics. 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