Education and human capital contribute to longterm growth from "summary" of Theory of Economic Growth by W. Arthur Lewis
Education and human capital play a crucial role in fostering long-term economic growth. According to Lewis in his Theory of Economic Growth, investing in education and developing human capital are essential for boosting productivity and innovation in an economy. This, in turn, leads to increased output and higher living standards for the population as a whole. Education provides individuals with the knowledge and skills necessary to adapt to changing economic conditions and technological advancements. By investing in education, societies can equip their workforce with the tools needed to thrive in a competitive global market. This not only benefits individuals by increasing their earning potential but also contributes to the overall growth and development of the economy. Human capital, which refers to the collectiv...
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