Authors : D.A. Olaniyan and T. Okemakinde
Abstract: The belief that education is an engine of growth rests on the quality and quantity of education in any country. The study posits that formal education is highly instrumental and even necessary to improve the production capacity of a nation and discusses the rationality behind investment in human capital. Empirical evidences of human capital model were identified and findings reveal that investment in education has positive correlation with economic growth and development. Criteria for the applicability and problems associated with the theory were identified and implications for educational development highlighted. Conclusively, the study recommends that for education to contribute significantly to economic growth and development, it must be of high quality to meet the skill-demand needs of the economy.
D.A. Olaniyan and T. Okemakinde , 2008. Human Capital Theory: Implications for Educational Development. Pakistan Journal of Social Sciences, 5: 479-483.