Education, investment and government responsibility for human resource development

 Introduction

After 200 years of British rule, 24 years of Pakistan and 42 years of independence, people have been fighting for education, democracy and development. Although the time and context have changed, the character and attitude of the ruler has changed little.

About half of the population is still uneducated, most live in rural areas and depend on agriculture, the job market is limited, the per capita income is ২ 852, and 31 percent live below the poverty line. Despite hundreds of limitations, the country's agriculture, industry and trade have improved tremendously. But it goes without saying that the country would have progressed further if our policy makers had taken appropriate and appropriate plans in agriculture, industry, education, health, housing and were honest and sincere in their implementation.

 

Since independence, all governments have given utmost importance to education. Article 16 of the Constitution of Bangladesh also speaks of the need and importance of universal and uniform education. The PRSP report (2007) also called for reshaping primary, secondary and higher education to meet the challenges of the 21st century and build a truly knowledge-based society. The UGC report, published in 2007, also highlighted the importance of human resource development and higher education. But in reality education has been made a commercial product in contrast to qualitative change. The present government is also failing to ensure universal access and quality of education in many cases. Lack of scientific planning and policy by the government and policy makers in the field of education is hampering the economic development of the country as well as increasing dissatisfaction, instability and disunity in the society. Uncertain is the present and future rights, dreams and lives of millions of students and parents.

 

Human Capital Theory is a textbook and recognized subject of world economy today. Many amazing studies in different countries of Asia, Africa, America have proved the relationship of development with education. Arthur Solz, Gray Baker, M Friedman, Amartya Sen and many others have received Nobel Prizes for this great work. In light of this, this article attempts to discuss investment in education and socio-economic development.

 

 

Education, human resources and socio-economic development

Education is a recognized subject in the modern world, a planned process of achieving specific goals and objectives. Although the goals and objectives of education depend on the multidimensional ideology of society. The purpose of education is not only to earn money but also to develop the character of the person, it is still a matter of debate for many. This is normal, because there are people from different perspectives and ideologies in the society, so there will be variety in the meaning and definition of education. While this ongoing debate does not end easily, it does prove in many ways that the relationship between education and development is inseparable and integral.

 

Theoretically appropriate use of human capital and socio-economic development is a recognized concept in the world. According to Psacharopoulos and Woodhall, human resources are essentially the real wealth of a nation. Human resources for development are Active Agencies, secondly natural resources and capital are Passive Factors. Human resource means the second thing, economic, social and political organization created by investing capital and using natural resources and ensuring that progress is made in national development. (Human resources constitute the ultimate basis of wealth of nations. Capital and natural resources are passive factors of production, human beings are the active agencies who accumulate capital, exploit natural resources, build social, economic and political organization, and carry forward national development). Psacharopoulos and Woodhall: 1997).

 

According to the growth theory, by being involved in technology and innovation, education helps in increasing the national income. Such as investing heavily in education in Hong Kong, R. Korea, Singapore, Taiwan have achieved unimaginable success in economic development. These East Asian countries can be great examples in terms of economic development. Huge investments in education for the development of human capital have been instrumental in achieving their economic growth. As a result of its education and technical skills, China has begun to compete with Europe and America in industrialization, transforming its vast population into resources.

 

In a speech in 1999, Amartya Sen said, "Primary education is one of the main conditions for any kind of economic development. For example, before the emergence of Japan as an economic power, the rate and quality of education was very high. It is safe to say that Japan, our Asian country, is a successful story of how the necessary and planned investment in education can change the condition of a nation. Long ago, Japan turned education into a huge capital. Among the economic resources of 100% educated Japanese, 1% is natural capital, 14% is physical capital and 75% is human and social capital related to education.

 

The rate of return on investment in education is higher. As the income of the educated workforce is higher, all parents send their children to school. Studies on various developing countries have shown that the rate of return on primary and secondary education is 16 percent or more per year. A study in Malaysia found that with one year of additional education, a farmer can increase agricultural production by two to five times. As farmers' attitudes towards further education improve, they become creative, interested in new methods. Educated people over 4 years of age are more interested in using fertilizers and technology in agriculture than those who have taken education for 1 to 3 years.