Examine the role of education in the economic development of a nation.

Education plays a major role in the economic development of any country, may it be developed or developing. Many resources play an important role in the growth of a country’s economy, one of which and perhaps the most important is human capital, which means the workforce of the country. The quantitative evidence proves primary education and the openness of the economy to be important factors for accelerating growth. In comparison to an illiterate person, a literate person is more capable, skilled, intelligent and capable of earning more income. He also extends a significant contribution in economic growth. By gaining education, not only the individual, but the family, society and nation also get benefitted. Availability of a literate workforce is also helpful in adopting modem technology.