Economics Behind Education: Elements of Development Outcomes through Political Involvement

Abstract

The aim of this paper is to expose the economics behind education, which serves as social protection weapon to developing nations. The basic criteria for inclusion into developed nations require that certain thresholds be met with regard to per capita GNI, a human assets index, economic vulnerability index and education level (United Nations Economic and Social Council Report, 2013). Education level is considered as key component equivalent to economic vulnerability index. Such vital factor, whether driven by appropriate policies and progressive measures, is what this research paper thrives to disclose. Three types of analysis are undertaken viz. Multivariate Logit Analysis including cross tabulation, Empirical strategy method and lastly a thematic analysis with the focus of sustainability in higher education. The secondary data are based on information obtained from the Statistics Division and the Population Division of UN/DESA, also from 5 UN regional commissions, the UN Conferences on Trade & Development (UNCTAD), UN World Tourism Organization (UNWTO), the International Monetary Fund (IMF), the World Bank, the Organization for Economic Cooperation and Development (OECD), and national and private sources. It is identified that several nations though having strong political interference in education, their growth in terms of economy and wellness is not satisfactory. Privatization of education (social protection program) has been a severe cause of this, followed by the factor affordability. Developing nations are far from affordability to protect them from digitalization or innovation or rapid development. This research paper identifies those elements and submits a humble view to overcome this parity.