Question- "Education should only be job-oriented." Confirm or refute the statement with reasons.

Answer -

Education as an Investment: In modern context education is regarded as an investment. Education has become a tool of economic development. Various new forms of education have developed and educated person is now expected to earn more than before. Now-a-days education provides trained personal with varying skills necessary for developmental task. It gives the attitudes and knowledge which make for effective working of economic institution. It creates a social environment of harmony understanding and team work which are necessary for development without these the productive machine will not move hence, the result of investment on education are enormous and immediate. Technical and vocational education directly improves the human resources. Thus leads to increased production.

Education is considered investment because of the following points:

1. Education develops scientific temper.
2. It increases the knowledge which helps in increasing production.
3. It prepares man power needed for agriculture and industry.
4. By achieving vocational education, people get job either in companies or factories of national importance or in multinational companies.
5. After being trained technically in the country it becomes easier for people to go abroad for higher training. Afterward they are proved to get higher job either in the country or abroad.
6. Education develops skills required for efficient functioning in various fields of education occupation.
7. It inculcates values, beliefs and behaviour patterns helpful in fulfilling one's role in the development of the country.
8. There is more development in those countries which have more trained professionals and skilled workers. Structural changes in the economy as development proceeds cause a relative increase in the need for qualified manpower (doctor, engineers etc.) and a relative decline in the need for less qualified manpower (unskilled manual workers, farm labourers etc.).
9. Comparisons of the lifetime earnings of people with different levels of attainment have revealed that the rate of return on education expenditure has in the past varied between about 10 percent and 30 percent.
   A scholar has described that the investment in education can contribute to increase national income in the following four ways:

(i) If in any particular sector of a country’s economy there are available all necessary factors but there is a shortage of skilled man power investment in that area of education will increase per capita income in that sector.
(ii) The educational system makes and maintains the supply of human skills which is flexible and adaptable in relation to the changing man power needs of modern technological society.
(iii) The educational system provides the basis for development and research result that built in guarantee for continuous economic growth of modern societies.
(iv) The learning process assures an open society, people ready to consider new ideas and to accept new attitudes and processes.

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