HOW IS ECONOMICS RELATED TO EDUCATION?

Philosophy, Sociology and Psychology have been considered as the three foundations of education. But of late, Economics is no less connected with education than these three branches of knowledge. Briefly speaking, the common areas of inter-relationship of economics and education are the following.

i. Economics determines some major aims of education.

ii. Economics explains the importance of education in so far as the economic growth of the country is largely based on development of education.

iii. Education itself is an investment in economic terms.

iv. Education alleviates poverty as it produces skilled labour and creates right attitude to work and development. It also creates awareness for better living.

v. Education determines the wage structure, the profile of professional values and guarantees economic security of the people.

vi. Besides the social, moral, cultural and spiritual aims of education, the purely simple bread and butter‘ aim of education cannot be lost sight of. In fact, the aim of education as for earning a living and that too making a good economic living is one of the major aims.