Social development is economic development/ Changyu Jung

The most fundamental goal of economic development was not economic growth, but to improve human welfare, namely social development. Social development is a great investment in terms of contributing to economic growth in addition to directly improving human welfare. Social programs are the best investments in future economic growth. There is a significant correlation between education and economic development. An educated population can be the key to long-term growth. Education allows us to secure human resources to increase the output of society. Also, more educated workers earn higher incomes, so education may be the best investment parents can make to their children.  Educated people bring benefits not only to themselves but also to society as a whole, and education also has high social benefits, even if they do not enter the regular workforce and make physical money.

What was interesting was a new perspective, different from the previous view that economic growth and the guarantee of essential education were needed for social development. This article says that social development is an excellent investment that contributes to economic development. For that reason, they argue that education is a representative factor for social development. In other words, education is an investment in future economic growth. In other words, we should invest in social development, such as education, because investing for social development plays a big role in economic development. Public investment in education contributes to social development and economic development in a way that affects nutrition and fertility as well as education.

The expansion of education brings about the expansion of human capital and has a positive effect on other related factors. However, education is sometimes used as a means of cultural capital and is the standard for class division. What do you think about this?

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