This article discusses the topic in-depth focus on higher education and how it’s related to economy.
What is Higher Education?
Higher education institutional and policy dynamics differ across time, but also between countries and political regimes and therefore how it is related to economy. The purposes and impact of higher education on the economy and the broader society have been transformed through time in various ways.
Education has become an instrument for economic progress moving away from its original role to offer framework for human development. As a result, higher education becomes very expensive and even if policies are directed towards openness, in practice, just a few have the money to afford it.
How Higher Education Relatively Impacts the Economy?
As informed by the human capital theory sees education, as an ordinary investment and the main reason why someone consumes time and money to undertake higher levels of education, is the high returns expected from the corresponding wage premium, when enters the labour market. Education is not similar to a manufacturing production-line, since students are highly concerned about the quality of education they receive as opposed to motor cars, which are indifferent to the process by which they are manufactured.
Economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.
In a rapidly changing world, the major debate is placed under the forms of institutional transformation of higher education. The research findings indicate a strong correlation between higher education on the one hand and the competitiveness of the economy and sustainable development on the other.
From the point of view, it is important to note that the higher education system is one of the sources of the competitive position of an economy. Namely, quality higher education and training are conditions for ensuring the efficiency of the economy, so the improvement of education at the tertiary level would enable an easier transition of the economy to a higher level of development. Thus, improving higher education, competitiveness of economy and sustainable development of country. The level of competitiveness of the economy, on the other hand, significantly determines the sustainable level of prosperity achieved by an economy.
The reform of education policy in the analyzed countries should be aimed at increasing the number of highly educated members of the population and improving the quality of the teaching process, but also toward maximizing the direct effects of the higher education system on sustainable development.
How you can achieve Higher Education?
Pursuing a specialized degree, professionals are recommended to pursue a degree from an Accredited Degree Experts.
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