Most often the underdeveloped countries have taken the burden of cumbersome loans from the external world and even then not able to better the lifestyle of the citizen of the country and do not provide any other benefits to the country in the materialistic form. This is duly because of the lack of education and an inefficient economic system in most of the underdeveloped countries of the world. The governments of such countries often resist investing in education because they do not become aware of the importance of education in the diversification and transformation of the economy.
Education makes visible those paths which are not be seen by an uneducated person. It enlightens the human brain and the human eye can see the opportunities towards prosperity which they cannot see while remaining uneducated. When education inculcates the human brain, it results in innovation and new techniques which make the economic system works more smoothly and efficiently. For instance, without education, people might think that one can fly in the air, but then the expertise of human brain which is nurtured through education is critically required to Best Cheap Assignment Help make a thing like plane and jets. This transformation of ideas is only able because of the adequate education system.
However, to make the people that much experts in their fields that economy can achieve transformation and diversification, authorities and government need to invest highly on the education system of the country which also includes heavy expenditure in the aspect of research and development. Research and development might be associated with the best utilization of the capital, and it might be associated with the development of human skills and expertise. More the humans will be efficient in their jobs more will the physical capital resources could be utilized efficiently.
The role of education in economic diversification and transformation should only be effective and produce results when the economic industries are in relation to the educational institutions. Industries should communicate the type and expertise require in their operations; this will enable the institutions to mold their educational policy in such a way that is required. In the modern era, there are nor the just handful of expertise that is required which might be financed expert, marketing expert, supply chain experts etcetera, but nowadays each industrial function is broken down into so many tasks through the use of scientific management that it requires specialized experts for every single task.
Moreover, educational institutions should not only make the students learn how to develop ideas, but they also train them on how to convert those ideas into practical possibilities. Conclusively, it can be developed that how much education is important in the diversification and transformation of the economy and especially in this ever-changing and rapidly growing world.