Economics of Education Essay

Today, education plays an increasingly important role in the life of the modern society as well as in the life of each individual. In fact, education has become an economic category in the modern world because education is an essential condition of a successful professional career and, what is more, education provides an individual with larger job opportunities. In this respect, it should be said that it is the educational background that defines professional prospects of an individual.

On the other hand, education is important not only for an individual, but it is also affects consistently the entire society. Today, knowledge and information are key factors that determine the competitive position of a country in the world economy. Moreover, information and knowledge have become important market assets in modern business because the access of companies to information and knowledge puts them into an advantageous position compared to their competitors.

In such a situation, the significance of education can hardly be underestimated. At the same time, education has become not just a routine process of learning, but it has become a form of investment in human capital. Hence, education is crucial for the increasing of the potential of human capital of a country. This is why education is widely supported by the state and, what is more, education, being a vitally important economic category, has become an essential element of the national economy because investments in education and their effectiveness define the future economic potential of the country and its further social and economic development.

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