Considered from the economic angle, education is an investment. Education is as important as any other investment, because those who are educated become able acquire new ideas that are directly related to the development of the human capital. This additional knowledge represents forms of externalities that lead to technological progress, and therefore long-term economic growth. Investment into human capital promotes physical capital growth, which in turn generates economic growth. The accumulation of human capital facilitates growth by the adaptation to technology or by capacity and innovation processing. But according to Lucas (1988), Romer (1990) and Bouoiyour (2000), if these various attributes of education are recognized by all and demonstrated theoretically, the fact remains that the empirical validation of this relationship is more difficult. Indeed, empirical studies have not always highlighted the positive impact of education on economic growth. GDNet originated |