Education has been a crucial part of any society’s development. For example, in ancient Greece Aristotle observed that children were not only learning what the adults knew but also acquiring the culture, values, and traditions of their society.
Today it is a most important pillar for sustaining a stable economy. It is an investment that pays over time.
Benefits of Education on the economy
One of the major benefits of a good education is that it helps create a labor force with better skills and higher productivity, leading to economic growth. Economic growth then enables a country to repay its debt and develop better infrastructure, which leads to even more opportunities.
Education needs to be focused on empowerment and creativity in order for it to make a difference in our economy. It should be goal oriented with an emphasis on life skills.
Role of Higher Education in Economy
Higher education is one of the key drivers of growth performance, the prosperity of a nation, and competitiveness in the global economy and market.
Universities and other institutions, not only deliver education and relative skills and training but also provide a research environment, that produces innovations with valuable commercial applications.
Create a Quality Work Force
The higher education sector is pivotal in providing competitive and relative skills to people at all stages of their carrier, from students and recent graduates to teachers. These skills have an exceptionally positive impact on the wider economy.
A well-trained, highly skilled workforce is better prepared for the hurdles and challenges of a modern workplace. Right expertise work more efficiently and with more confidence as compared to those who are struggling to keep up with the changing demands. Ultimately, a skilled workforce yields more productive output and propels the growth of the wider economy.
Drive innovation
A key role of higher education institutions such as Universities is to lead and drive innovations, with the aim of finding solutions to major global problems, and challenges. Problems that affect society, the health sector, environmental protection, international development, etc.
Many of the groundbreaking advances in recent years such as self-driving cars, therapies for HIV, and cloud computing, were all born from research that took place at universities. All these innovations certainly have high economic value and did contribute to the economy of the respective countries.
The wider economy benefits from university research and innovation, as it drives investment both locally and globally, promote export, and make the economy more balanced.
Higher education often seems slow to change but some universities are more willing to take risks and try new approaches. Universities like the University of South Asia aims to establish the biggest digital marketing agency in Pakistan where services will be provided to the top clients globally. This initiative is primarily powered by students.
In a long run, this type of ambitious endeavor will boost the economy of Pakistan, big time. It will help generate over 20,000 jobs and help strengthen the currency and economy of a nation.
