Question- Discuss the economic concept of education.

Answer -

Economic Concept of Education

The thought centre of economists is the economic source and economic system in the society. They see and understand all the activities in the economic perspective. They accept education as a productive activity. According to their view, education is not only a commodity of consumption but also a factor of production.

The results of the researches show that the productive power and organization capacity of an educated person is more than that of an uneducated person and so much that the additional profit from him is more the amount spent on his education. That is why economists accept education as an economic investment. From their point of view –
"Education is that economic investment by which the skills of production and organization are developed in the individual and thus the productive capacity of the individual, society and nation is increased and their economic development is done."

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