Education is a widely accepted leading instrument for promotion and development of world economy. But what level or degree of education does the contribution: Primary, secondary or higher education? Intelligence-based competition within a globalized economy is actually encouraging a fresh consideration of the pivotal role of higher education in the world economy. It has become an essential part of economic endeavors at all levels of national initiatives to boost competitiveness, economic growth and productivity.
The Benefits of Higher Education for the Society:
Higher education is a result of copious income that can produce both private and public benefits. More contributing, it can improve a nation’s wealth, health can also contribute towards a nation’s reduced population growth and strengthen governance and improve technology. Study shows that higher education significantly contributes to rapid industrialization of the world economy, by contributing to manpower with technical, professional and managerial skills. The best part is profound and research-based knowledge is helpful for workers of every stratum to contribute to the world economy.
Higher education is inevitable for the current context of change in world economy. It helps in creating attitudes and making attitudinal changes required for modernization and socialization of the individuals. The biggest benefit of higher education is that it helps in the formation of a nation based on a strong foundation and at the same time enables globalization.
Higher Education in the Context of Economic Growth:
The valuable contribution of higher education to world economy cannot be ignored since it plays instrumental in creating interactive functions. It is believed that one’s educational qualification contributes to world economy through efficient “production of knowledge”. It is acknowledged that colleges and universities contribute significantly to national growth through dissemination and diffusion of knowledge. Besides, it is universally believed that the reputed post-secondary institutions majorly contribute to the transmission of knowledge through varied and extensive teaching activities.
The Online Phenomenon and its Active Contribution to World Economy:
You might wonder how the electronic medium, the internet, is contextualized in terms of the concept of higher education. Though, it is discussed how higher studies can bring radical changes to a nation’s growth and world economy, eventually; you should have access to higher courses always. Social aspects and economic constraints act as barriers to attending conventional institutions for people in many countries. A full-time occupation plays a major role in preventing students from going to colleges. This is where distance learning education brings lucrative benefits to help individuals overcome the constraints.
The Benefits of online education:
- You receive education from the comforts of home
- Cost-effective and time-effective
- Authentic credentials
- Access to all major higher educational courses
- Quality education
Once you acquire the benefits of online programs, you can integrate ways of contributing to the world economy with your analytical bent of mind and profound knowledge in various facets of social development.