The Determinant Power of Education on Economic Development Term Paper

The Determinant Power of Education on Economic Development - Term Paper Example The researcher states that obvious determinants of economic development include, but are not limited, to the following: the overall number of human resources available within a given geographic region, the overall number of raw material or prevalence that might be exhibited within a given geographic space, distance to determine the market, and last but not least the overall education level of the workforce. It has been broadly assumed over the past several decades, without a great deal of analysis, that education levels dramatically impact upon the overall rate and extent to which economic development is able to take place. However, a more thorough analysis of the issue does not necessarily reveal this simplistic interrelationship. Instead, stronger more market-driven determinants have been effectively determined to have a profound impact upon economic development; at least as compared to the overall education level of the human resources that might be available within a state. As a function of this understanding and analysis, the following paper will provide a literature review, methodology, data analysis, references, and appendix that describes the impact and importance of education in terms of economic development. The underlying hope of the author is that such a level of analysis will be beneficial in providing a more determinant of how economic development can effectively be engaged and how stakeholders can seek to promote further levels of economic development within their respective spheres. One of the first pieces of literature that were reviewed in terms of this particular focus has to do with Singh and Hensel’s article entitled â€Å"Impact Of Extension Education On Improving Knowledge Of Sustainable Technical Agricultural Practices†. Within the article, the authors consider the means by which the United States economy has changed as a function of time. Essentially, manufacturing and the production of durable goods within the United Stat es was a staple of economic development; even as compared to service industries or any other sector of the economy.