A Global Perspective Analysis ; Contribution of Higher Education to Economic Progresss (original) (raw)

2022, Korea Review of International Studies

Education is generally recognized as a useful and effective tool for encouraging economic growth. But which level of education. i.e., primary, secondary, or higher, contributes the most to development? In the present era , ‘Higher education ’ results in the economic growth and its development is being prompted by knowledge-driven competitiveness in a globalizing economy. Previously, it was widely seen as a wasteful and ineffective government function that mostly favored the wealthy and powerful. It is now recognized as having a significant impact on the effectiveness of governmental efforts to improve economic growth, competitiveness, and productivity in conjunction with other variables. Policymakers have stressed the significance of basic and secondary education above ‘HE’ in the development process throughout the years. ‘Higher education’, on the other hand, supports efforts at other levels of education in national programmes to increase performance and innovation across economic sectors. Recent data demonstrates that education may be both a predictor and an outcome of income, with personal and public advantages. ‘Higher education’ has the potential to enhance investment, savings and tax revenue, resulting in a more enterprising and civic society. It will also lead to improved national health, lower population numbers, improved technologies, and stronger government. The study made in this research will discuss the importance of ‘Higher education’ towards the progress of our economy from macro- and microeconomic perspectives, as well as the monetary and non-monetary advantages that come with it.