Article Analysis Essay on Education Contribution to Economic Development

Introduction

Following the in-depth analysis of this article, it is clearly evidenced that, education has poised a tremendous contribution with regards to the economic stability among various sectors within the entire economy (Denison, 2010). It is imperative to note that, the level of education is directly proportional to the status of individuals in society. Significantly, this paper intends to explore how education contributes to the economic situation of various individuals in the community. On the same, it is prudent to acknowledge the absolute fact that, those persons with lower levels of education tend to experience a lot of challenges due to lack of the human capital value which is essential for the macroeconomic development and general stability.

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In a bid to transform the economic security and development within the society, education tends to provide the negated platform upon which the smart, sustainable and inclusive economy is practiced. Following a close consideration on this cases study, it is evidenced that, education is often used as a tool to explore the economic opportunities present in the entire society to produce an economically stable environment (Androniceanu & Ohanyan 2016). The growth of educational systems is geared towards the exploitation of the available resources using the appropriate approaches to provide a more sustainable economy. Notably, the punch line in this case study reveals that, with better education, the career path becomes more clearly aligned with well-paying jobs which in the long run results into a massive increase in the GDP within the next economy. Tentatively, the Romanian society as depicted in the entire case study tends to explore the general analogy that, the skills, as well as the experiences gained from series of research, provide the higher avenues upon which economic progress is based (Denison, 2010).

How Education Contributes to the Economic Development

To begin with, the tendency of education to offer an active contribution to economic stability is unmatched depending on how it is depicted in the article (Pop et al. 2011). Several factors which contribute to domestic production include the human resource skills attained from intensive training in most advanced educational systems. The vast knowledge in human resource is considered the essential element and used as generating value for most companies and the entire economy as a whole. Apparently, the human capital along with the increasing knowledge and relevant competencies attained from the educational systems tends to improve on the growth of the economic potential among various individuals within the society (Slantcheva et al. 2007). The progress witnessed in multiple sectors of the economy such as the unemployment, inflation, as well as the debt and investment management has significantly been addressed using skills and experiences attained from series of training within the educational setups. Following an in-depth analysis of the article, it is evidenced that, both the quantitative and the qualitative elements of education has a direct influence on the economic growth of the various individual in the entire society (Pop et al. 2011).

Significantly, education as a measure is one of the contributing factors to economic growth often witnessed in entire Romania. Conversely, the cognitive skills along with the analytical approaches gained in most of the educational systems tend to provide the innate procedures needed for the economic growth and general sustainability (Hanushek & Wossmann 2007). As a matter of fact, the higher number of learners enrolled at each level of the educational system has posed a tremendous impact on the gross per capita majorly on higher education. In summation, training as a tool tends to provide the relevant skills and attributes needed to explore economic activities to increase the GDP of the entire economy (Hanushek & Wossmann 2007).

References

Denison, E. F. (2010). Accounting for slower economic growth: the United States in the 1970s. Brookings Institution Press.

Androniceanu, A., & Ohanyan, G. (2016). The comparative approach to education and healthcare in Romania and Bulgaria as beneficiaries of the IMF financial assistance. Administrative si Management Public, (26), 25.

Pop, O., Dina, G. C., & Martin, C. (2011). Promoting corporate social responsibility for a green economy and innovative jobs. Procedia-Social and Behavioural Sciences, 15, 1020-1023.

Hanushek, E. A., & Wossmann, L. (2007). The role of education quality for economic growth. The World Bank.

Slantcheva, S., & Levy, D. C. (2007). Introduction Private Higher Education in Post-Communist Europe: In Search of Legitimacy. In Private higher education in post-communist Europe (pp. 1-23). Palgrave Macmillan, New York.