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Applied Finance 2011/2012 Research Project
Finance & Accounting
Pages 4 (1004 words)
INTRODUCTION: There has been an increasing emphasis on the role of education in the process of economic growth and development. Different researchers and analysts have been trying to find out the impact of education on the economic growth of the particular country.
In the similar manner, United Kingdom has been able to use its education system to contribute towards the economic growth and development1. At the same time Machin and Vignoles (2005), have presented the concept that there is direct relationship between the education and the economic advantages of the country. The education is perceived to be as an investment which has different returns. Education has a direct influence on the wages or earnings of an individual as with higher education an individual would be able to better analyse as well as capitalise different opportunities2 and therefore with more earnings or salaries of an individual, he or she would spend more money and all this would influence the economy of the country or GDP in a positive manner. According to Stevens & Weale (2003) education can be considered and analysed as an investment decision and the higher the investment has been made on the education, the better would be the product and therefore the more he or she would be able to earn3. Similarly, if this situation can be considered for the whole of the society and if the spending on education of whole of the society has been increased, then logically it should improve the earnings of everyone in the society and as a result of this, the economic condition of the country should improve. Education is an important factor for the individual as well as of whole society. ...
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