Economic Development Education As Main e PDF

Economic Development
Education as main element of economic development
University of Applied Sciences of Amsterdam, International Business and Management Studies Part Time.
Edmund Gibson, student number 500658340

University of Applied Sciences of Amsterdam,
International Business and Management Studies Part Time.

1. Research Question

To what extent is economic development influenced by education?

2. Introduction

Education is the foundation for economic development, and it is the reason why
investment in human capital is of serious importance to any country. Education
of the human brains creates social benefits and can create a competitive
advantage.

In many of the developing countries this is the area that is often underdeveloped.
The facilities for education are always a point of issue, because schools are
lacking and general knowledge in the society to educate the students is either not
available, so the possibilities for education are really limited. Therefore they need
to get assistance from other countries. However transferring money has until
now not have had the expected results, because giving the poor people money is
not the solution for helping them to develop. For these developing countries
really to get the right assistance, others should educate them. In recent years this
is an upcoming trend of development aid.

Poverty is a result of lacking facilities in education. Labour productivity can be
optimized and influenced when people are educated. Also the improvement of
technology is the result of the knowledge forthcoming from more education.
Living standards will be improved due to better health conditions. Hygiene was
first even not known, but because of education our life expectancy has grown
over the eras. These are some of the facts that are related to education.

Differences between economic developed countries and underdeveloped
countries are measurable. The main element of these measurements, which is
lacking in underdeveloped countries, is often education. Economic development
is a process where nations develop several areas as the economy, politics and
social well-‐being of people. Nation wide problems try to be solved by different
solutions. Money is often seen as a resource to solve the internal problems of a
country, but in many cases it is a result of development. First the real cause of
underdevelopment should be analyzed, because the attention spent to education
is in many areas still not enough, and it seems in many cases to be the real
structural problem.

In this paper I will discuss all elements that lead to economic development,
because solely education of course is not the only important factor. Still the
relation between education and the development of an economy is primarily
discussed, as it is crucial for the foundation of an economy.

For this paper I will mainly apply a theoretical analysis from literature review
and small parts are an empirical analysis. As references I will several times use
different case studies to compare and discuss the outcomes for answering the
research question

3. History of measuring economic development

Adam Smith is seen as the first person who introduced the termination of the
modern economy in his work ‘An Inquiry into the Nature and Causes of the
Wealth of Nations’, published in 1776 in the eve of the industrial revolution. His
work for economics is comparable to Sir Isaac Newton for physics. His work
touches upon topics as the division of labour productivity and free markets. The
most contrasting view he discussed, was the second variable for measuring value.
In his work he did not clarify it, but he posed the question to be solved in a future
discussion. The perceived value of a product was, until his work, weighted to the
functionality it could have for someone. In his contrasting view he explained the
difference in value between diamonds and water. Water in our case should be of
a higher value than a diamond, because water is a primary good. Without it you
are not able to survive. However a diamond is worth more economically spoken,
because the search for it takes a long period, and searching costs is one of the
variables that bounds value. Next to that, to shape a diamond, it will cost you a lot
of energy, which is seen as added value and also calculated as a variable in the
real economic value.

Thus the amount of time you spent on search cost for this product and the energy
that it will need to be shaped or adjusted, are variables of the formula to calculate
the value. Already mentioned that a diamond, while it is not a primary good, is of
a higher value than water, which you will need to survive because of physical
dependency.

During the 20th century more theories of economic development were created.
Smith was in this sense an inspiration for famous economic scientists like: Jean-‐
Baptiste Say, Thomas Malthus, Ludwig von Mises and later on even Karl Marx.
The way development was measured changed through time. In earlier models
education was not yet set as one of the founding elements for economic
development. The way of measuring development was unilateral, where GNI was
taken as the only indicator of economic development. Nowadays still one of the
elements that repeatedly is coming back in articles about this topic is the relation
between economic growth and economic development. Only we start realizing
more and more where economic growth comes from, can we see it as a deriving
from education.

However, to explain what education does with economic development, we should
know more about the history of economic development and how economic
development is measured.

Previously in the models of economic development where GNI was linked to
economic development, a raise in the GNI did not led to better social standards.
Although GNI was growing, poverty was not decreasing. Poverty is mentioned as
one of the elements that now is being used as measure. It is still a derivation of
the GNI per capita, because below a certain limit of GNI it is referred to poverty.
When we are measuring economic development by poverty, unemployment and
inequality, we have a more multidimensional view on development, but the
multidimensional approach in reality is differently formulated.

The multidimensional approach in contrast with the unilateral approach on
economic development is comprised of three dimensions, which are: HDI (human
development index), Development as Freedom, and the Happiness Index. In turn
the dimension index HDI is comprised of another three dimension indices: GDP
index, education index and life expectancy index. The indicator of the GDP index
is GNI or GDP per capita, for the education index the indicators have been
recently changed from adult literacy rate and gross enrolment ratio towards
mean years of schooling and expected years of schooling, and for life expectancy
index this is the life expectancy at birth. We can conclude that education is a
determinant of the HDI that has two indicators, which says something about the
extent of this element. These determinants are part of the new approach of
measuring economic development.

The unilateral approach had several drawbacks, one I have already mentioned:
the inequality between people is hidden, because the growth in GNI does not say
anything about the income distribution of a country. Poverty is measured by GNI,
while the average income per capita might be high, if only a minor part of the
population has the major part of income, the majority can live in poverty. Another
one is that it does not capture large informal economies, and these economies of
developing countries are usually large informal economies, due to the
minimalistic registration of personal enterprises. The reason for the lack of
registration is avoiding taxes, but this is a negative symptom for the national
economies, as government investments fail to grow, when income taxes are
staying at a minimum.

Nowadays development is not only measured by means of money, but also via the
happiness, welfare and freedom people enjoy. Amartya Sen who defined
development as freedom explained that development is the process of expanding
freedoms that people enjoy. Money or growth in GNI can improve such freedoms,
only freedom depends also on other determinants like social and economic
arrangements as health and education, but also political and civil rights.

Now the improvement of humanity as social-‐being is reached by the development
of freedom, which requires the removal of major opression. In the developing
countries tyranny, poverty, social deprivation and neglecting public facilities are
markers of a civilization that is still living in opression. Acting against it should
create a better and more equal world. Although the majority of our world lives in
poverty and inequality, the acting against it is relative small with regards to the
scale. Our contribution should be a lot higher and new ways of offering
development aid should be applied like structural solutions that match the
environmental situation: the increase of total production, the distribution of
incomes, improvements in education and health, and enhancing social and
political freedoms people enjoy.


4. The importance of education for economic development

4.1. Education and labour productivity

Viewing the economy on a micro level, and looking at our personal situation with
regards to development, there is a direct link between education and economic
development. 1When you are higher educated the possibilities for getting a
decent job with a better income are considerably higher than when you are
illiterate. The less educated people, according to statistics, have lower scaled and
lower paid jobs. Clearly the provision of educational opens ways for increasing
income due to the fact that it is one of the determinants, which impact on labour
productivity. Besides that it functions as an important ingredient of growth and
contributes towards development in a country with regard to the adaptation and
acquisition of technology

To elaborate, there are several layers of education, which improve the labour
productivity, like primary, secondary and tertiary education. Primary education
together with health and nutrition all are relevant in the first place for a raise in
the productivity of workers in rural and urban environments. Secondary
education will improve managerial skills by acquisition of the vocational
knowledge. Tertiary education is beneficial to the selection of the right
technology as it affects basic science and therefore is related to key institutions
as governments, financial enterprises and the law. All these institutions
contribute in different ways to the growth of an economy.

When we analyze the macro economy of developing markets we can also detect
the correlation between education and labour productivity, described in the
previous paragraph. For instance, consider Brazil, which is a developing country,
where GDP appears to have been rising in recent last years, if we disregard the
inflation – which remains a serious problem. In the past we would have regarded
this as economic development. Only now we see this differently, because
currently there are serious problems with the productivity of workers.

According to statistics in Brazil about labour productivity we see an opposite
movement compared with the average labour productivity of the world’s
development. Apart from a brief spurt in between the 1960s and 1970s the
labour productivity or output per worker has stagnated over the half past
century. In fact it has even slipped, the total-‐factor labour productivity is now
even lower than it was in 1980 (see figure 4.1).

2Although Brazil’s GDP grew between 1990 and 2012, the labour productivity
accounted only for 40% of this growth, which in comparison with China 91% and
India 67% is rather low. Also the investments of Brazil in infrastructure are only

1 Behrman, Jere R. (1990), Human Resource Led Development, Review of Issues and Development, Ned Delhi, India:
2 The Economist, The 50 year Snooze, http://www.economist.com/news/americas/21600983-‐brazilian-‐workers-‐are-‐
gloriously-‐unproductive-‐economy-‐grow-‐they-‐must-‐snap-‐out, retrieved on: 6/7/14

2.2% of the GDP. Compared to the developing-‐world this is less than half the
average investment of 5.1%.

Data from the 278 thousand patents granted last year shows that only 254
patents (3 %) are accounted for inventors from Brazil. These patents contribute
to the world’s output and people. It is very clear that the spending on education
in Brazil has not had the right direction and attention. The investment in the
provision of educational institutions has grown to a level similar to that of rich-‐
world nations. However the quality still leaves a lot to be desired.

Central problems that currently arise are caused by the shifting towards irregular
enterprises outside of the formal economy, due to the preferential tax treatment
for small companies with turnovers less than $ 1.6 million. This discourages
companies to grow any further. Also the vicious circle here is that these
companies will gain advantages through optimizing efficiency. This will require
fewer workers. The companies however retain their low skilled workers as they
are more easily trusted, and the risk they see in a better-‐qualified stranger will
hold them back from employing them. Companies are wary of being sued for
flouting notoriously worker-‐friendly labour laws. Consequently the average skills
of the workforce are decreasing and the problem is getting bigger.

Another problem is that the government is protecting the weak firms with
various forms of protectionism. For example high tariffs on imported technology
are set, which makes it almost impossible to import productivity-‐enhancing
equipment due to the prohibitive expense. Better and cheaper products with a
higher quality cannot be imported and lower quality products continue to be
produced by local firms with poor equipment. This system is not beneficial to the
labour productivity.

Education alone, of course cannot transform an economy. However getting the
right people at the right places can have a considerable impact on a system. The
tertiary education is focused on basic science and is desirable for the
development of key institutions like the governments and the financial systems.
Economic politics have to be changed in a nation as Brazil, because now they just
impede the development process instead of improving. Once the decision makers
gain the required knowledge, many solutions can be introduced.

Remedies for their situation are for instance: reducing the role of state by
privatization, reforming and streamlining of tax system, reducing inefficient
regulations, remove barriers to entrepreneurship, remove the rigidities in the
labour market which discourage employment of the higher educated, and lastly
reforming the pension system. At the moment many of the beneficiaries never
contribute to their own pensions. Unfortunately decisions necessary to
implement the above remedies will not be taken as long the new higher educated
are not the ones in charge.

From a macro perspective the new methods for economic development
emphasize research and development and learning, next to education. As the
level of education becomes higher the work force related productivity of capital
will also rise. This will have an effect on the extent in how far innovations will
develop, because the higher educated are more likely to innovate. This will
benefit the overall productivity.

3In similar models there is a relation between the increase in education and the
productivity of the individual’s environment. The productivity of the people with
whom the individual interacts will be commensurate to the rise of the
individual’s level of education. So this means that cooperating with individuals
who are increasing their level of educational will to a certain extent reflect on
your own level of education. Therefore in Brazil they should allow and accept
more of the higher educated in the workforce in order to generate a positive viral
effect on the lower skilled workers that currently are employed.

The impact on the nature and growth is another way in which human
development influences macro performance and strengthen the trade position of
a country. In addition it is argued that even the unskilled workers in a modern
factory normally need the same educational skills like literacy, numeracy and
discipline to levelers offered by primary and lower secondary school.

4.2. Education and income

4According to Rostow’s Model ‘The Stages of Economic Development’ every
country will pass through 5 stages of economic development. It starts in the first
stage the ‘Traditional Society’. The first manner of development has to do with
trade in the agriculture sector where subsistence is realized through barter.
Income is not a subject in this stage, as a barter deal for primary goods is
sufficient. A barter deal is an exchange of products where no money is involved
or an extra-‐added transactional value..

Following the process of developing and processing to the second stage, the
‘Transitional Stage’, we encounter the first signs of generating income. Through
the process of specialization surpluses and scarcities are created which lead to
trade at this stage. Due to specialization not all goods or services will be
available at every location. The need for transport arises. In the same stage the
infrastructure also is improving, which leads to a higher productivity rate. Many
of the first civilized cities are in the vicinity of water. The main reason is the
availability of a rather direct connection to transport and of course water is one
of the basic needs.

When we are analyzing the process of specialization we find the origin of
education in the need to share of knowledge. From an empirical perspective,
going far back to basics, once we have found out that we could specialize with
the resources that were at hand, we acquired more knowledge about the
production of agriculture and the possibilities. This knowledge translated in
education is shared during the process of specialization.

3 Perotti, R., (1993), “Political Equilibrium Income Distribution, and Growth” Review of Economic Studies, p. 60
4 Submited by Bized on 1/1/2001, Rostow’s Model, http://www.bized.co.uk/virtual/dc/copper/theory/th9.htm,
retrieved on 6/8/2014

Moreover Rostow’s views development requires substantial growth in

investments of capital. Economies as LDC’s will obtain the right conditions and
are likely to gain rapid growth when direct investments by foreign aid are
coming in stage three.

Stage three is the ‘Take Off’ stage, but before LDC’s has reached this stage they
first need to move along the second stage. If the second stage has not been
completed, substantial capital investments, which we often see with foreign aid,
will fail to contribute to the development of a country. The argument for failure
with this kind of aid is caused by a lack of education on the industries that need
to be developed. Corruption is then in many cases a result of the incorrect
application of foreign aid.

During the Take Off stage industrialization is the main element characterizing
this period of economic development. Following the timeline from the past, the
Industrial Revolution came right after the Age of Enlightenment.

5 The Age of Enlightenment was a cultural movement in late 17th-‐century where
Europe was emphasizing reason and individualism. The movement aimed to
change society and challenge ideas, following a scientific method. Promotion of
scientific thought, skepticism and the interchange of intellect were distinctive for
this era. Logically the Industrial Revolution followed up this era of scientific
reasoning and the exchange of knowledge, which was in fact the changing
process of education. The attention devoted to education led to a process of
economic development.

First in the Take Off stage the investment in human capital stimulates the
investments in the production process by applying the technology, which is
acquired during the prior period of enlightenment. Second political change will
take place after regional growth is realized. For this realization process
requirements like well-‐functioning markets, developed infrastructure, efficient
government and educated population, need to be met. An efficient government
will develop only from the moment that corruption is reduced through the
employment of skilled and reliable workers.

The fourth stage is the ‘Drive to Maturity’ stage that encompasses diversification,
innovation, less reliance on imports and more investments. Diversification is a
result of competition stimulated by learning. Knowing about the competition
creates new opportunities by differing from them. From the same perspective
innovation is also inherent in education, because through research and
development new ideas will occur. The role of education in development is seen
from almost all perspectives.

The last stage of Rostow’s Model, the ‘High Mass Consumption’ is about the
consumer orientation, durable goods and the service industry. All these
elements generate income, however in the second stage generating income
already began. The relation in the transitional stage between specialization and

5 “Enlightenment”. Oxford Dictionaries. Oxford University Press, n.d. Web. 19 September 2013
surpluses is the same as personal development and getting employed. In the end
it will generate income.

Although I have already mentioned that education is not the only solution for
evolution, it does take a major part in the development of an economy. Economic
growth is often taken as a requirement for economic development, and to an
important extent we can attain economic growth through investments in
education. At least, we do believe this is true.

6 However there is a study of this theory, which illustrates disparities in the way
that a higher level of investments in education can affect the economic growth
path.

Barro and Lee (1994) explain in their study that the increase in students who
attended secondary school between 1965 and 1985 caused a positive effect on
the economic growth, but other research disputes this result. For instance the
studies done by Benhabib and Spiegel (1994) and Pritchett (1996) also measure
the relation between economic growths as a result of a higher level of
investments on education. In their case however they use an aggregated
production function with various measurements of human capital, including the
number of years education, literacy rates, and secondary enrolment rates.
Whatever the choice of measurements for education, the effect of the associated
coefficients on economic growth were not significant.

Empirical tests show us that education is an important factor for promoting
economic development; countries with a high level of education in 1960 have
certainly shown significant economic development 40 years later. On the other
hand however, whatever the different models for measuring human capital
variables may tend to predict, there is a yet no definite proof that countries
which invest more in education universally experience a higher growth rate. The
jury is still out!

Still, these contradictions, disparities or call it uncertainty about this relation
might exist, they do not take in account for this measurement factors as policy
making, migration of knowledge, investment in physical capital, openness to
trade and investment, and the overall institutional environment, and external
shocks. The investment in education on its own does not one on one directly
supports economic growth, but it is a combination of several factors. In Brazil
the current situation is a reality and evidence for above-‐mentioned outcomes.
They have economic growth, however they still are underdeveloped, and the
high educated are unemployed (see figure 4.2). These kinds of reasons can be
the cause in the insignificance of the results from Benhabib and Spiegel (1994)
and Pritchett (1996). So there are more views and statements about this
relation.

When we would educate the labor force instead of the whole society we are able
to prove the relation, because according to a study, with one percent increase in

6 Economic Returns to Investment in Education http://siteresources.worldbank.org/INTMENA/Resources/EDU_02-‐
Chap02-‐Education.pdf , p 42-‐43, retrieved on 6/9/2014

the labor force with at least secondary education, we can find results of an
increase in the share of income of the bottom 40 and 60% by between 6 to 15%
respectively (Bourguignon and Morrison, 1990).

4.3. Education and health

One clarification, for both studies discussed in the last paragraphs, could be that
education may reduce fertility when women are the ones who are receiving
education. A study of fourteen African countries for the mid-‐eighties showed a
negative correlation between women who entered schools and the fertility in all
participating countries. With primary education there was clearly a negative
impact in about half the countries and no significant effects in the other half,
while secondary education reduced fertility (Birdsall 1995, Behraman and Wolfe
1987). The three success countries, where the reduction of fertility were high,
Kenya, Botswana, and Zimbabwe, had the highest levels of female schooling as
well as the lowest child mortality rates (Ainsworth, 1995).

A consequence with reducing the fertility rate is that economic growth will rise,
due to the fact that the GDP is divided over a smaller population. More education
about parenthood will lead to fewer children, as the attention spent per child is
growing when the educational level rises. In the developing markets like Taiwan,
Hong Kong, Mexico and Poland declining birth rates characterizes these places.
In addition education on the fields of health contributes to a longer life
expectancy, which on its turn leads to more working hours per capita.

Moreover the education of women, because here are more problems than just
only fertility. 7According to the factsheet of the United Nations women are more
disadvantaged than men when it comes to lacking education. In the most OECD
countries, women report higher incidents of disability than men. Women with
disabilities are recognized with regards to disadvantage to be on a multiply
scale, due to their gender and their disability. In India they are vulnerable to
abuse. In 2004 a survey found that virtually all of the woman and girls were
beaten at home, 25 percent of women with intellectual disabilities had been
raped and 6 percent of them had been sterilized.

The principal item here is related to the relation between education and the
strength of its position. Education on health can help teenagers to make the right
decisions. A study that estimated the effects of a program that experienced with
providing vocational training and information about risky health behaviors to
adolescent girls, Bandiera et al. (2012), led to both an increase in HIV-‐related
knowledge and condom-‐use. Also are more positive results available of studies
where teenage boys are informed about school-‐return, less heavy drinking and
fewer smokers. The opposite evidence of this relation is in the United States
where the percentage of smokers in the group of dropouts is extensively larger
than in the groups of people who are educated.

7 United Nations Enable, Factsheet on Persons With Disabilities http://www.un.org/disabilities/default.asp?id=18
retrieved on 6/10/2014

Referring back to the stage three of Rostow’s model, the period where a society
starts with industrialization, this is also a period where education on health is
becoming to play a bigger role. Reminding you the second phase of our
Industrial Revolution, where the health of workers due to proper education have
positively changed through the ages, which accordingly led to a better labour
productivity and so on contributed to economic growth and development

4.4. Education and the external environment: trade, policy and inequality

Education has a real impact on economic development, and in all areas there is a
link to education. There are direct and indirect links to income, health and
safety, but it is not the only factor that determines economic development. The
higher the level of education gets, the more it contributes to the economic
development of a society, but is not the only component for a developing market
or country. Determinants as openness to trade, policy and inequality also make a
significant difference.

For instance gender or racial inequality can lead to hinder when applying for a
job. Women will get pregnant and this is a disadvantage for an employer,
because it can cause unnecessary costs. If you have African roots bias are made,
which might hinder your position in business situations. The poor people
experience also inequality, because growing up in a family that lives below the
poverty line will minimalize the opportunities and provisions to proper
education. Besides, in the developing countries children are often only taken for
participating in the workforce. These are regular situations, while in western
world, child labour is even forbidden. So education might help to a certain
extent, but these factors weigh also heavy in economic development

Openness to trade can also limit economic development, when wrong decisions
are made. Systems where protectionism is applied have goals to make the
domestic products stronger, however there are more examples of the negative
impact on development than positive. In Brazil where economic growth is at
hand, development is lacking, due to rules of protectionism. Heavy taxes are
applied on imports, which shackles the import of new technologies, so the labour
productivity stays inefficient. Instead of lowering the taxes, and stimulating
development according to a higher competition, they make these wrong
decisions

Another example of other factors that can seriously damage and hinder the
development of a country we see in Nigeria. In many countries property rights
are regularities, however in Nigeria people have no property rights. All
properties belong to the government, and getting value from the property makes
no sense, as you are not able to get a part of this value for yourself. To stimulate
economic development in a country like Nigeria is therefore almost impossible.
According to a study Nigeria has an IPRI of 3.9 and is ranked as 122 of 131
rankings, Hernando de Soto Fellow (2012). The IPRI is an index for International
Property Rights that comprise the indicators: LP(Legal and Political
Environment), PPR (Physical Property Rights) and IPR (Intellectual Property
Rights). This index indicates the ranking of 131 countries that account for 98
percent of world Gross Domestic Product and 93 percent of world population.

Moreover, when investments would be done in education for a country as
Nigeria, the quality of this education is from a significant lower level than in
countries where the IPR index is a lot higher, because the education will not be
complete in the sense of transparency, propaganda, censure and similar areas
like these. In addition the political stability in Nigeria will also not concur to an
economic healthy situation for development.

5. Conclusion

So in conclusion education will determine a main part of the foundation for
economic development. In all stages of Rostow’s model for economic
development, education is to a certain extent a significant determinant of the
composition for economic growth. Although studies have shown some
disparities in the relation between education and economic growth, empirical
analysis shows that there is undeniably a correlation.

To measure economic development, there are three indicators that form the
Human Development Index: GDP index, education index and life expectancy
index. The variables for measuring of the GDP and life expectancy are clearly
stated and remain unchanged through the ages, whereas the means for
measurement of the education index has been changed. This change leads to a
heavier weighting for the education index in the overall observation of the HDI.

However we explained that education alone is not the only cause for economic
development. The Human Development Index, Development of Freedom and
Happiness Index together offer a measurement the amount of economic
development of a country. Although this is the modern way of measuring, it will
continue to evolve.

In a world where the complexity of systems continues to increase, the
development of the formulas we need to monitor the systems will accordingly
also change. The trigger for this change can only be provided by education.

6. References

http://www.economist.com/news/americas/21600983-‐brazilian-‐workers-‐are-‐
gloriously-‐unproductive-‐economy-‐grow-‐they-‐must-‐snap-‐out

http://mpra.ub.uni-‐muenchen.de/9023/1/MPRA_paper_9023.pdf

http://siteresources.worldbank.org/INTMENA/Resources/EDU_02-‐Chap02-‐
Education.pdf

http://bib03.caspur.it/ojspadis/index.php/PSLQuarterlyReview/article/view/11520/1
1387

http://www.princeton.edu/~tvogl/vogl_ed_health_review.pdf

Ainsworth, M.L. Beegle and A. Nyamete, (1995), The Impact of Female Schooling on
Fertility and Contraceptive, LSMS Working Papers 110, Washington, DC: World Bank.

Bandiera, O., N. Buehren, R. Burgess, M. Goldstein, S. Gulesci, I. Rasul & M. Sulaiman.
(2012). “Empowering adolescent girls: Evidence from a randomized control trial in
Uganda.” Mimeo, London School of Economics

Barro, Robert J., and Jong-‐Wha Lee. 1994. “Sources of Economic Growth.” Carnegie
Rochester Conference Series on Public Policy 40

Behrman, Jere R. (1990), Human Resource LedDevelopment, Review of Issues and
Development, Ned Delhi, India: ARTEP/ILO.

Benhabib, Jess, and Mark M. Spiegel. 1994. “The Role of Human Capital in Economic
Development: Evidence for Aggregate Cross-‐Country Data.” Journal of Monetary
Economics 34: 143-‐73

Birdsall, N. (1993), “Social Development in Economic Development”, World Bank Policy
research working Papers, WPS 1123, Washington DC.

Bourguinon, F. and C. Morrison (1990), “Income Distribution, Development and Foreign
Trade: A Cross-‐sectional Analysis”, European Economic Review, 34

“Enlightment”. Oxford Dictionaries. Oxford University Press, n.d. Web. 19 September
2013

Perotti, R., (1993), “Political Equilibrium Income Distribution, and Growth” Review of
Economic Studies, 60

Soto Fellow, Hernando de., Francesco Di Lorenzo (2012). “2013 Report: International
Property Rights Index”.

7. Graphs and Figures

Figure 4.1


Figure 4.2

Economic Development Education As Main e PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Economic Development Education As Main e PDF

Uploaded by

Copyright:

Available Formats

gloriously-‐unproductive-‐economy-‐grow-‐they-‐must-‐snap-‐out, retrieved on: 6/7/14

retrieved on 6/8/2014

Moreover Rostow’s views development requires substantial growth in

Chap02-‐Education.pdf , p 42-‐43, retrieved on 6/9/2014

retrieved on 6/10/2014

You might also like

Economic Development Education As Main e PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Economic Development Education As Main e PDF

Uploaded by

Copyright:

Available Formats

gloriously-­‐unproductive-­‐economy-­‐grow-­‐they-­‐must-­‐snap-­‐out, retrieved on: 6/7/14

retrieved on 6/8/2014

Moreover Rostow’s views development requires substantial growth in

Chap02-­‐Education.pdf , p 42-­‐43, retrieved on 6/9/2014

retrieved on 6/10/2014

You might also like

gloriously-‐unproductive-‐economy-‐grow-‐they-‐must-‐snap-‐out, retrieved on: 6/7/14

Chap02-‐Education.pdf , p 42-‐43, retrieved on 6/9/2014