THE ECONOMICS OF EDUCATION: INVESTING IN HUMAN CAPITAL

Abstract

The economics of education is a crucial area of study that examines the impact of educational investments on economic development, individual income, and overall productivity. It delves into how education contributes to human capital formation, which in turn has far-reaching implications for economic growth and social progress. Understanding the economic dimensions of education involves analyzing the costs and benefits of educational investment, as well as the long-term impact on shaping the future workforce and fostering innovation and technological advancement. Investing in human capital through education is widely recognized as a driver of economic development. A well-educated workforce is essential for a country's competitiveness in the global economy.