Why is education key to international development?

WHY IS EDUCATION KEY TO INTERNATIONAL DEVELOPMENT?
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Abstract
Education undoubtedly stands at the center of every development agenda. From local to regional prosperity, economies invest in quality education for the entire population to achieve the desired developmental goals and achieve international development. This paper discusses the key areas that fundamentally influence development on a global scale. Economic development is critical for any growth in any economy. A quality well-distributed education is required not only for economic development but also for productivity as well as increased per capita income for individual households and nationally. The twentieth century saw an increase in the importance attached to education, attainment of skills and general knowledge. Economies, where the most of the population have received a quality education, are likely to have increased productivity. Increased productivity is the primary driver of development necessitated by education. An economy in which there is a lot of specialization usually gets people going into diverse fields, and that is a huge boon for productivity. The role of education transcends beyond just equipping learners with knowledge. Education plays a vital role in helping to rebuild societies in post-war environments, and that can go a long way in sustaining peace. Education in open competitive markets creates competition and promotes trade that leads to development. Trade is vital to the functioning of any country’s economy as well as that of the globe. It is the means through which countries export and import goods and services as they need to as part of meeting their needs. Education has a marked impact on income and people’s earning potential. We live in a world where income inequalities are the order of the day. Education is associated with increased income equality which then allows for higher rates of growth. Access to quality education raises the standards and quality of living to people, and families; the basic unit of society. In spite of changes that have taken place over the years, the family remains as the foundation of nations and economies. Successful families are also likely to have accessed quality education that opens up favorable future opportunities for development both locally and internationally. Overall, the significance of education to international development cannot be overstated, with great impacts felt across the globe.
Introduction
Education is undeniably a pertinent component for growth and development globally. Education stands as a fundamental aspect that shapes and determines the capabilities of the human race that is credited to development. Investment in education is a critical step in addressing development challenges as well as establishing practical means for achieving developmental goals. On education, Psacharopoulos and Patrinos (2004) “established beyond any reasonable doubt that there are tangible and measurable returns to investment in education” (p. 118). The contribution of education worldwide has been experienced in all circles of human and societal development. Such benefits t...