Pages: 47-52
Introduction. Education preserves and transforms the important components of societies such as culture, tradition, or customs which are thus perpetuated and transmitted to the next generations. Education also designs the motivations of the actions of human beings. For this reason, the role of education in society is essential and inherent and this is why society and education are considered as intertwined entities.
Aim of the study. The main purpose of this paper is to examine the relationship between education and the economic growth of a country. Education is one of the most important factors for the economic and social developments of a society; and it is also the main component of the construction of human capital. It is very difficult for a country to accomplish a successful economic progress if it does not invest sufficiently and judiciously in education. Therefore, investment in education is seen as the vital part of a country’s economic development. It is clear that educational investments are expensive and long-term projects and must be more important than other possible development projects in order to ensure the welfare and prosperity of societies. Unfortunately, this idea falls especially focusing on most under-developed countries. For this reason, the importance of education in a country’s economic development and growth must be stated and asserted overtly and unambiguously.
Keywords: education, economic growth, developing country, educational investment.
