ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Findings highlight that educational credentials have a stronger impact on productivity than on wage costs. Firms’ profitability is found to rise when lower educated workers are substituted by higher educated ones. This effect is found to be more pronounced among younger workers and women.

Detailed explanation-2: -Healthier, more educated workers tend to be more productive. Greater overall productivity per hour worked is a fundamental component of long-term economic growth. However, many very successful individuals often find few opportunities in their own developing countries, and leave them for industrial countries.

Detailed explanation-3: -In conclusion, education and training are crucial drivers of economic growth. They help individuals to develop the skills and knowledge they need to be productive members of the labor market, which can lead to higher levels of output and higher living standards.

Detailed explanation-4: -Higher levels of education also correspond with healthier people, lower rates of mortality, and lower rates of crime. Greater parent education correlates positively with children’s health, cognitive abilities, and academic achievement.