Impact of education on economic growth a global perspective

Abstract

The aim of the study is to analyse the impact of education on economic growth using secondary data from eighty-two countries for the period 1990 to 2014. In order to measure productivity Data Envelopment Analysis and Malmquist total factor productivity index is employed. The findings show that there is an acceleration of growth and TFP growth is positive and efficiency change outweighs technological change. Further, countries should improve their educational attainment at secondary level to enhance output growth and total factor productivity growth. Later, it is perceived that life expectancy increases with the rise in education at all levels. Therefore, education is fundamental in ensuring social and economic progress. newline