Proceedings of the 3rd Teaching & Education Conference, Barcelona

EDUCATION POLICY AND ITS CONTRIBUTION TO SOCIOECONOMIC DEVELOPMENT OF NEPAL WITH REFERENCE TO SOME SELECTED ASIAN COUNTRIES

GANGADHAR DAHAL

Abstract:

Among a few crucial factors education is the most influential factor for the economic growth and socioeconomic development of a country. Basically, the short-run policy of education tries to address the short-term social and economic goals of the country through awareness programs on safety, health, environment etc. but in the long run, it is directly related to the Human resource development(HRD) and socio-economic development of a country. This research paper tries to focus on the instrumental role of education in human capital development and economic growth. In fact, most of the in developing countries like Nepal are facing the problems with the educational system, education attainment, and research and innovation. In a meaningful way, it is also pronounced as the human capital development policy. Economist Theodore Schultz invented the term in the 1960s to indicates the value of human capabilities. He believed human capital is like any other type of capital that can be invested in education and training to enhance the benefits for an improvement in the quality life and Socio-economic development. This research tries to dig out development strategies by using time series data of investment in all level of education, general enrolment ratio in various level of education, labor force participation and combined impact in GDP with the help of OLS method. The result shows that investment in education, training, and vocational education have the positive and significant role in economic growth and socio-economic development of Nepal and other developing countries.

Keywords: Education policy, socioeconomic development, OLS method

DOI: 10.20472/TEC.2016.003.004

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