What are the benefits of education
Econ 385 Final Paper
Education is a process of acquiring knowledge. We attain education to help us grow as a society and develop as people. Learning allows us to gain basic skills in life but at the same time allows us to know who we are and what we want to become. Education in the USA is broken down into four stages: preschool, primary school, secondary school and then college. Every stage of education is mandatory except for college, which people take if they want to further educate themselves.
Going to school is not the only form of education; informal education and on the job training are two other categories. Informal education is education outside the standard school setting, such as parents teaching a child what is right and wrong and the alphabet. On the job training is what employers use to save money on new employees. Instead of taking an individual and sitting them down and teaching them what to do like a school teacher, the employer uses one-on-one training in which someone who knows how to do a task shows another how to perform it. This basic form of informal education helps people flow into the job sector easier.
The benefit of education to an individual is that it improves their Human capital. Human Capital theory was invented by Economist Theodore Schultz, who “believed human capital was like any other type of capital; it could be invested in through education, training and enhanced benefits that will lead to an improvement in the quality and level of production” (“Investopedia”). Human capital is an individual investment made by a person. Gaining an education makes an individual smarter and more employable; this makes it easier for the individual to find a job. Gaining a basic K-12 education gives you the basic level of education needed for a fruitful job career. But gaining a degree can lead one to become highly employable in the future. Employers like to higher people with degrees because they feel they’re smarter and more capable of
Education is a process of acquiring knowledge. We attain education to help us grow as a society and develop as people. Learning allows us to gain basic skills in life but at the same time allows us to know who we are and what we want to become. Education in the USA is broken down into four stages: preschool, primary school, secondary school and then college. Every stage of education is mandatory except for college, which people take if they want to further educate themselves.
Going to school is not the only form of education; informal education and on the job training are two other categories. Informal education is education outside the standard school setting, such as parents teaching a child what is right and wrong and the alphabet. On the job training is what employers use to save money on new employees. Instead of taking an individual and sitting them down and teaching them what to do like a school teacher, the employer uses one-on-one training in which someone who knows how to do a task shows another how to perform it. This basic form of informal education helps people flow into the job sector easier.
The benefit of education to an individual is that it improves their Human capital. Human Capital theory was invented by Economist Theodore Schultz, who “believed human capital was like any other type of capital; it could be invested in through education, training and enhanced benefits that will lead to an improvement in the quality and level of production” (“Investopedia”). Human capital is an individual investment made by a person. Gaining an education makes an individual smarter and more employable; this makes it easier for the individual to find a job. Gaining a basic K-12 education gives you the basic level of education needed for a fruitful job career. But gaining a degree can lead one to become highly employable in the future. Employers like to higher people with degrees because they feel they’re smarter and more capable of
Bibliography: Mitra, Dana, Ph.D. "The Social and Economic Benefits of Public Education. "Http://www.elc-pa.org. N.p., n.d. Web. Radcliffe, Brent. "How Education And Training Affect The Economy." Investopedia. N.p., 25 Feb. 2012. Web. 16 Dec. 2013. "How Higher Education Benefits the Economy." Welcome to WSAC. N.p., n.d. Web. 16 Dec. 2013. Brewer, Dominic J., and Patrick J. McEwan. Economics of Education. Oxford, UK: Academic, 2010. Print. Silver, Curtis. "The Importance of Logic and Critical Thinking." Wired.com. Conde Nast Digital, 08 Mar. 0011. Web. 15 Dec. 2013. "Human Capital." Investopedia. N.p., n.d. Web. 16 Dec. 2013.