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.
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