Main Article Content
Abstract
Education as a process of learning improves the quality of cognitive abilities of people. In modern society, learning takes place not only in the four walls of a formal institution, bur it happens all the time even outside the system in an informal setting. Thus, education has been recognized as an important ingredient of human resources and remains as a ultimate basis for wealth of nations. Economists have developed models very cautiously only to understand the relationship between education and human resources on the hand and human resources and economic development on the other hand since 1960s. it is the relentless efforts of the economists that helped to recognize the development process of the 21st century as knowledge oriented. The initial definition of obtaining reading, writing and basic arithmetic as the sources of development of literacy is found to be inadequate today. It is now considered, technical literacy such as operating a computer or using an internet facility as a minimum requirement to quality a person as literate. It is now recognized that the only way through which can enter into the modern sectors of the economy is through education. The skills, abilities and values obtained by people in traditional institutions like family, artisan guild tec., are inadequate to enter into the modern sector. Further the technological complexity of modern sectors need skills that imbibe laws of science, research output, ability to operate equipment, managerial and professional skills. All these skills are not available outside the formal educational component of modern development. The acquisition of any skill is not to be considered an end in itself. Everyone has to be properly motivated, through education or their similar agencies because without motivation no skill can be employed up to its maximum advantage and output. It is necessary to forecast and work out future manpower needs and relate the educational programmes with them. High levels of percapita income will require proportionate investment in education and health. Manpower approach links education to economic development through professional studies like agriculture, medicine, engineering, etc. People once educated, will devise ways and means to effectively solve their economic, as well as other problems. No chance would be as effective for a rapid economic growth as the means of improvement in schools. Individuals with good education, improve their economic prospects through better job opportunities and higher wages. Education is the main sources of skills and talent.