The Role of Education in theEconomic Development Process
Education is the acquisition of new knowledge. It reduces the level of ignorance. It creates awareness in an individual. It develops one's mind. Education can be:
Formal, which involves learning and studying in schools at primary, secondary and tertiary levels. It may prepare people to higher learning levels. It is a process of investment in human capital. It involves an opportunity cost of production and earnings foregone while at school. It may bring positive private returns.
Informal education. This is the learning that goes on at home on the farm, in the village, etc. It can be in form of storytelling, agricultural extension services, advice by mothers on family planning, etc; rather than in classroom at school.