Investment in Tertiary Education: A Study for Sustainable Development

Islam, Dr. Md. Khairul and Kundu, Nobinkhor (2016): Investment in Tertiary Education: A Study for Sustainable Development. Published in: Dhaka University Journal of Business Administration , Vol. XXXVII, No. 3 (25 December 2016): pp. 211-225.

Abstract

Facing the challenges of globalization and raising the quality of tertiary education to global standard require that the tertiary education is to enable human capital to perform with a set of new competencies. Policy makers in developing countries have set out procedures to build a tertiary education in which higher priorities and future strategies form the center of the sustainable development strategy. The low-income economies are keen to invest in tertiary levels of education but the government budget is a constraint. This study recommends the need for formation of financing sources. In addition, it is necessary to develop an effective lifelong learning system to provide continuing higher education and skill upgrading for persons graduating with higher education in order to acquire new skills necessary to be competitive in the new global economy. This paper analyses the importance of investment in tertiary education with low-income economies to ensure a sustainable development over the years. It is apparent that Bangladesh will acquire potential gains from investment in tertiary education.

• Item Type: MPRA Paper
• Language: English
• Keywords: Education, Economic growth, Sustainable Development
• Subjects: I - Health, Education, and Welfare > I2 - Education and Research Institutions > I21 - Analysis of Education; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence

References

Becker, G. S. (1964). Human Capital: A Theoretical and Empirical Analysis (New York, National Bureau of Economic Study).

Colclough, C. (1982). “The Impact of Primary Schooling on Economic Development: A Review of the Evidence.” World Development 10(3):167- 185.

Cypher, M. J. and Dietz, J. L. (1997). The Process of Economic Development. Routldge, London and New York.

Cohn, E. & Addison, J. (1998). “The economic returns to lifelong learning in OECD countries.” Education Economics 6(3):253-307.

Engelbrecht, H.-J. (2002). “Human Capital and International Knowledge Spillovers in TFP Growth of a Sample of Developing Countries: an Exploration of Alternative Approaches.” Applied Economics 34(7):831-841.

Heckman, J. & Klenow, P. (1997). Human Capital Policy, mimeo (Chicago, IL, University of Chicago).

HEQEP (2010). Higher Education Quality Enhancement Project, University Grants Commission of Bangladesh, Project Paper.

Gathak, S. (1995). Introduction to Development Economics, 3rd ed., Routledge, London and New York.

Lau, L. J., Jamison, D. T., and Louat, F. F (1991). “Education and Productivity in Developing Countries: an Aggregate Production function Approach.” Working Paper no 612. Policy Study and External Affairs (Washington, D.C.: The World Bank).

Lucas, R. E. (1988). “On the Mechanics of Economic Development.” Journal of Monetary Economics 22(1):3-42.

Matsuura, K. (2009). UNESCO World Conference on Higher Education. Conference paper no-2.

Mincer, J. (1974). Schooling, Experience, and Earnings (New York, National Bureau of Economic Study).

Mankiw, N. G., Romer, D. and Weil, D. N. (1992). “A Contribution to the Empirics of Economic Growth.” Quarterly Journal of Economics, 407-437.

OECD (1997). Human Capital Investment: An International Comparison (Paris, OECD).

Papageorgiou, C. (2003). “Distinguishing Between the Effects of Primary and Post-primary Education on Economic Growth.” Review of Development Economics 7(4):622- 635.

Psacharopoulos, G. (1985). “Returns to education: a further international update and implications.” Journal of Human Resources 20(4):583–604.

Psacharopoulos, G. (1994). “Returns to Investment in Education: A Global Update.” World Development 22(9):1325-1343.

Psacharopoulos, G. & Mattson, R. (1998). “Estimating the returns to education: a sensitivity analysis of methods and sample size.” Journal of Educational Development and Administration 12(3):271-287.

Psacharopoulos. G and Patrinos. H, (August 2004), “Returns to Investment in Education: A Further Update.” Education Economics 12(2).

Perkins, H. D., et al. (2006). Economic of Development. 6th ed., WW. Norton & Company.

Romer, P. M. (1994). “The Origins of Endogenous Growth.” Journal of Economic Perspectives 8:3-22.

Samoff, J. and Carrol, B. (2003). “From Manpower Planning to the Knowledge Era: World Bank Policies on Higher Education in Africa.” UNESCO Forum Occasional Paper Series-2.

Schultz, T. W. (1961). “Investment in Human Capital.” American Economic Review 51(1):1-17.

Simon, A., Brigsten, A. and Manda, D. K. (1998). “Have Returns to Education Changed over Time / Evidence from Kenya, 1978-1995”. Mimeo CSAE, Oxford University.

Voon, J. P. (2004). “Measuring Social Returns to Higher Education Investment in Hong Kong.” The Economics of Education Review 20(5):503 -510.

World Bank (1998) Ethiopia: Education Sector Development Program, Report No. 17739-ET (Washington, D.C., World Bank).