Today health and education are the basic luxury one can afford. One can enjoy a good standard of living if one can have a handsome amount of money in hand. To achieve a good standard to living high income is required and everyone wants to increase their standard of living by luxuries and this can only be possible by good health and education. People who cannot enjoy a good standard of living are considered poor because they cannot even achieve necessities where luxuries are way out of question.
Poverty is a serious problem among underdeveloped and developing countries. Poverty is referred to as the inadequacy of income of an individual to procure a minimum level of calories (Tilak, 2002). Poverty has also been demarcated in terms of the external …show more content…
(Standard, 1990). Today poverty is found to be substantially effecting nearly 3 billion people globally (Wan and Sebastian, 2001), and is considered to be the prime challenge of our age. Taking world extreme poverty down to half by the year 2016 was the set at the superlative importance by the Millennium Development Goals set in the year 1990 by the international community (Weiss and Khan, 2006). Poverty has been considered as an important economic factor in Pakistan also. A number researchers have taken into account the factor of poverty during the last three decades to access the extent and nature of poverty in Pakistan (Qureshi and Arif, 2001), as eradication of poverty has been an important goal of the developmental strategies of any developing country (Tilak, 2002). Poverty is ever increasing phenomena in Pakistan. Poverty level in Pakistan is …show more content…
Nations cannot develop without investing in education. Education is a multidimensional process, it helps to increase the economic growth and it also helps to reduce poverty. Poverty has strong link with education. Burneth et al. (1995) and Ijaiya (1998) said that investment in education increased GNP per capita and reduced poverty. Human capital approach is a well-researched approach and has been rated high in predicting education as a source of poverty reduction (Tilak, 2002). According to this approach economists are of the view that investment in education leads to the formation of human capital which ascertains being an important factor of economic growth by imparting skills and productive knowledge thus transforming the human capital. Various researchers ascertain the correlation between education and the earnings. (Lloyd-Jones and Rakodi, 2014). Education plays a significant role in the reduction of income inequalities. Rise in the levels of education result in poverty reduction not rarely but almost universally. Van Der Berg (2008) stated it as individuals with superior education having a greater probability of being employed and thus being economically more productive resulting in higher incomes and lower levels of poverty. Unemployment is a real matter of concern as it can yield devastating effect on economic welfare, crime, the erosion of human capital, misery and social instability. Education also helps
Poverty is a serious problem among underdeveloped and developing countries. Poverty is referred to as the inadequacy of income of an individual to procure a minimum level of calories (Tilak, 2002). Poverty has also been demarcated in terms of the external …show more content…
(Standard, 1990). Today poverty is found to be substantially effecting nearly 3 billion people globally (Wan and Sebastian, 2001), and is considered to be the prime challenge of our age. Taking world extreme poverty down to half by the year 2016 was the set at the superlative importance by the Millennium Development Goals set in the year 1990 by the international community (Weiss and Khan, 2006). Poverty has been considered as an important economic factor in Pakistan also. A number researchers have taken into account the factor of poverty during the last three decades to access the extent and nature of poverty in Pakistan (Qureshi and Arif, 2001), as eradication of poverty has been an important goal of the developmental strategies of any developing country (Tilak, 2002). Poverty is ever increasing phenomena in Pakistan. Poverty level in Pakistan is …show more content…
Nations cannot develop without investing in education. Education is a multidimensional process, it helps to increase the economic growth and it also helps to reduce poverty. Poverty has strong link with education. Burneth et al. (1995) and Ijaiya (1998) said that investment in education increased GNP per capita and reduced poverty. Human capital approach is a well-researched approach and has been rated high in predicting education as a source of poverty reduction (Tilak, 2002). According to this approach economists are of the view that investment in education leads to the formation of human capital which ascertains being an important factor of economic growth by imparting skills and productive knowledge thus transforming the human capital. Various researchers ascertain the correlation between education and the earnings. (Lloyd-Jones and Rakodi, 2014). Education plays a significant role in the reduction of income inequalities. Rise in the levels of education result in poverty reduction not rarely but almost universally. Van Der Berg (2008) stated it as individuals with superior education having a greater probability of being employed and thus being economically more productive resulting in higher incomes and lower levels of poverty. Unemployment is a real matter of concern as it can yield devastating effect on economic welfare, crime, the erosion of human capital, misery and social instability. Education also helps