How does education benefit the economy?
A productive workforce
Education provides individuals with an opportunity to learn and grow, providing them with valuable knowledge and skill sets that would be beneficial to them even in the workforce.
Higher educational attainment translates to a more productive workforce. Workers are able to contribute actively to the economic development of an economy, ensuring the growth of the economy in the long run. Thus, with the right skills and knowledge needed for jobs, people are able to play a part in generating growth in the economy and this will then benefit them as well.
Improving people’s standard of living
With higher education, people are more likely to get a better-paying job. As a result, they will be able to have an income level to sustain themselves and their families. They would also be more able to consume a greater amount of goods, which then increases their standard of living and in turn benefit the global economy too.
Question: What are the other effects of education on the economy?