Tuesday, July 8, 2014

Developing Business Education for Economic Growth

Education has an important role in developing people and nations to higher levels of performance. Business education is a fundamental component of fostering stronger economic performance. A paper by Ugwuog, et. al. (2013) explores how education is beneficial for national development and offers a few tips for colleges to improve upon their teaching activities. 

In general terms, education can be broadly defined as acquiring the physical and social skills needed to function within their birth society. The type of education depends on the society in which one exists. In ancient times this may have occurred informally under a tree while in modern times it could include online classrooms.

Because education improves upon people’s abilities it is considered an investment. The central place of education is to recognize its capital investment in people (Francis & Hezel, 1974). An investment may improve performance but also raise costs which makes strong business curriculum advantageous. 

Business education is even more important in helping individuals find methods of earning income while furthering economic activity. The type of programs can include certificates, skilled trades, and applied management. To continue economic growth developed nations are focusing more heavily on the quality of education. 

The author argues that there are some significant problems in some business colleges. Each college can adjust their methods to raise quality. To encourage the development of skills schools should:

-Avoid hiring unqualified teachers
-Remove obsolete technologies
-Use more computer and technology learning
-Avoid large classes
-Fund programs adequately

 Francis, X. & Hezel, S.(1974). Recent theories of the relationship between education and development.

Ugwuogo, C. (2013). Business education and national development: issues and challenges. Journal of Educational and Social Research, suppl. Special Issue, 3 (4).  

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