English Essay on Value of Education

English Essay on Value of Education

English Essay on "Value of Education"

Value of Education

In the early 1900s education was considered firmly as a consumer durable. That is, most of the people acquired an education just for their personal satisfaction or enjoyment and intellectual pursuits over their lifetime. One could not find an essential correlation between acquiring more education and higher earning capability due to increased productivity, or higher social value due to progressing society as a whole. It was until 1950s that emerged as an era when more industrial perception was shaped in to view to help comprehend the phenomenon of improving the economic performance of the nation by investing in citizens through education. This came as a critical concept in the competition between the US and the USSR. The U.S. started investing in education in 1950 which included a huge expansion of the secondary education and the GI Bill. Due to all that they had to justify the new policies and there was a necessity for elaborating the human capital in an effort to formally assess the true value of educational investments. The educational investment has been made to grow to over 6% of GNP in many countries over the last 50 years.
Educational must return some sort of financial gains in order for it to have any value outside of being simply a consumer durable. The theory of human capital implies the same fact by stating that if you invest in human capital you will get value back in the form increased productivity. We will consider this increased productivity in three domains: the individual, business, and society.educationsight.blogspot.com On an individual basis, does a person acquire value from an education? It is evidently shown in statistics that people that complete higher levels of education tend to earn higher salaries than people that have only completed secondary school. While it is arguable whether the investment in higher degrees for individuals is worth the total costs (income forgone, tuition), it is not arguable that a person has augmented their individual financial productivity. The increases level of education lets the person to earn more money in less time as compare to the person who has completed a lower level of education. By definition this is increased productivity on an individual basis. On macro scale of Primary vs. Secondary vs. University vs. Graduate this theory seems very clear and it may have less steady dynamics at more micro standards. For e.g. it could be very conceivable for MBAs to earn more as compare to those have completed PhDs.
As far as the business’s perception is concerned we have to analyze whether businesses acquire value from the education workers or not. There are many “productivity studies” that have been done on workers and the survey proves that educated workers are more productive then illiterate ones even in a type of business where literacy doesn’t seem critical for the completion of task.
This trend can be well explained by the fact that going through the process of learning to read and write builds the ability to solve one’s problem through better communication and efficient training to other workers. Businesses also show that they give more value to the educated workers simply because they have been willing to them higher wages than less educated workers over a long period of time.

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