Education Has A Positive Effect On Economic Growth Essay

740 Words Apr 9th, 2015 3 Pages
Education is essential to the development of a country. Ancient Greek philosophers, Aristotle and Plato believed that education is fundamental to the moral fulfilment of individuals and the well-being of the society in which they live in (Stonehouse, Allison, & Carr, 2011). Over the years, research has supported this conventional wisdom (Cooray, 2010; Hanushek & Wößmann, 2007; Lauder, Brown, Dillabough, & Halsey, 2006). Barro (1991) and other growth regression studies showed that education has a positive effect on economic growth. Education affects growth through various channels; such as innovation, productivity and human capital (Borensztein, De Gregorio, & Lee, 1998).
Education for all children has been a pressing issue concerning all countries. The second Millennium Development Goal (MDG) aims to provide universal primary education by 2015. Developed countries are closer to achieving the MDG education goal than developing countries (UNESCO, 2014). Despite these efforts, there are still a large number of children not attending school, especially in Sub-Saharan Africa. The bulk of the out of school children reside in Nigeria (UNICEF., 2007) making Nigeria the country farthest away from achieving the MDG goal by 2015. This is of major concern given the widely acknowledged importance of education to economic development (Barro, 1991; Mankiw, Romer, & Weil, 1992). The Nigerian government plays a vital role to the success of economic development through education.
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