Education and its indispensable role

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Most economists admit the significance of human capital in ascertaining a country’s standard of living and there has been extensive research that shows that education increases worker’s productivity and thereby escalates their incomes. Therefore education and a country’s standard of living is interdependent. Education also has other benefits such as refining individuals’ health and the health of their children. International organizations such as the Inter American Development Bank endorses the significance of education for economic and social development. Indeed one of the seventeen sustainable development goals that were adopted at the United Nations states the following: the goal is to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all. Among policymakers, there is a consensus that large amounts of money is being spent on education by developing countries. Governments in those countries spend about one trillion dollars every year on education. In addition, parents of children are also spending hundreds of billions of dollars every year. So there are huge amounts of money which is being spent on education. But the question that arises is- do getting these kids into school increase the stock of human capital? And are these kids learning the skills they need to become productive workers?

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