Question

growth in literacy is must for economic development in the light of above statement mention the values that literacy improves

Answer 1

n today’s technologically-based global economy, considerable emphasis is placed on the contribution made by people, or what economists refer to as human capital, to economic growth. The theory is that the relative contribution of individuals to growth depends on their human capital – the knowledge, skills, competencies and other attributes that are relevant to economic activity. As a consequence, developing the skills and knowledge of the labour force is regarded as a key strategy for promoting national economic growth. Related to this is the assumption that individuals who contribute more by way of their human capital should earn more. Distributional issues are a consideration as well, since increasing access to education and training can help to address inequality in employment and earnings outcomes for more- and less-skilled individuals.