Economic Essay Example | Topics and Well Written Essays - 1000 words - 6

Economic - Essay Example The following table and chart can help us get an idea: â€Å"The main engine of growth is the accumulation of human capital† and â€Å"the main source of differences in living standards among nations is the difference in human capital. Physical capital plays an essential but decidedly subsidiary role† (Bardhan and Udry, 2008, p.266). Human capital has several aspects, including education, training and health. Human capital is considered to be a key determination of economic growth. Investment in human capital benefits individuals and society as a whole. Countries with skilled people grew faster. While develop economics have always emphasized the importance of education in the develop process. Better education generates private gains to the individual and public benefits to society. By the expansion of knowledge it can enable the people to overcome ignorance and superstitions. Without literacy or, to be more precise, perfect education, economic growth in any country is impossible. It can become only lopsided and flawed unless corrective reassures are taken. Jobless growth implies situation where the overall economic growth but does not expand sufficient employment opportunities. ‘Futureless growth’ implies a situation where growth occurs but its effect is not positive on future generation and is adverse. According to Mahatma Gandhi, â€Å"education, which does not teach us to discriminate between good or bad, to assimilate the one and eschew the other, is a misnomer† (Rao, 1991, p.2). The purpose of literacy and education is not only to make our children literate and merely develop individual skills but also to make them appropriate human being with positive and integrated elements of their respective societies. Education means drawing out the best of the body, mind and spirit in man. He believed learning by doing and was of the opinion that the knowledge through education, subjects