ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -No country can achieve sustainable economic development without substantial investment in human capital. Education enriches people’s understanding of themselves and world. It improves the quality of their lives and leads to broad social benefits to individuals and society.

Detailed explanation-2: -We will start by defining Economic growth and development. Having economic growth without economic development is possible.

Detailed explanation-3: -As follows, education has an important influence on economic development: Education enhances people’s access to current and scientific concepts. It improves people’s efficiency and capacity to absorb new technologies. It raises knowledge of potential possibilities and labor mobility.

Detailed explanation-4: -The workforce’s knowledge and skills are important factors of the firm and economic success. Higher-value-added industries, such as high-tech manufacturing, are usually successful in economies with a large supply of skilled people obtained from both formal education and vocational training.

Detailed explanation-5: -Diversify economies. Development strategies are not implemented overnight. Stem the rise of inequalities. Make finance sustainable. Improve institutions.