Macroeconomic Implications: Education As A Foundation Of Nations Economy (Essay Sample)

Macroeconomics Name Instructor’s name Institution Education as A Foundation of Nations Economy According to me, education is simply a continuous learning process that equips one with the knowledge to face all aspects of life challenges. Education illustrates its significance to the growth of the economy as a promoter of production quality, technology advancement and human development. Education helps individuals to attain success in various fields and also helps in setting higher objectives which helps them surpass the ordinary persons, especially in the job market. In this article, am going to discuss the educational system in both Ireland and Taiwan and its macroeconomic implications. Irish Education System In Ireland, education is mandatory for all children aged 6-16 until completion of the three-year second level education. The education system comprises of primary, secondary, vocational and tertiary education. Under primary or first-level education entirely covers basic education including science education and environment, social, mathematics, language, health education, physical integration, and education arts (drama and music). Secondary education offers several kinds of post-primary schools; comprehensive, community, secondary and vocational schools. After primary education, the majority of pupils go to vocational/secondary schools till they attain a leaving certificate after the 12th grade. Second level education constitutes a three-year junior series accompanied by a two or three-year senior series. In vocational education, 30% of secondary school students are offered with practical skills that can help them earn a living. Third-level education. It comprises of a technological sector, university sector and colleges of education. It also includes independent private institutions. There are universities which govern themselves and the offer degree programs at bachelor, masters and doctorate level. The whole population of Ireland as per 2018 statistics is approximated to be 4,803,748 people. The population that attend primary, secondary and higher education institution is approximated to be 1,091,632 people. This implies that at least 50% of this statistical population have attained primary education, 34% have acquired secondary education and at 16% have acquired post-secondary education. Taiwan Education System In Taiwan, the ministry of education has the responsibility of setting and maintaining policies governing education and also managing all public education. The education system is made up of primary education -elementary schools. Secondary education-junior, senior and vocational schools. Higher education includes institutions such as universities, colleges and technical institutes ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"OI1kfnQG","properties":{"formattedCitation":"(Woo, 1991)","plainCitation":"(Woo, 1991)","noteIndex":0},"citationItems":[{"id":498,"uris":["http://zotero.org/users/local/MqS91Xa3/items/855BMJQK"],"uri":["http://zotero.org/users/local/MqS91Xa3/items/855BMJQK"],"itemData":{"id":498,"type":"article-journal","title":"Education and economic growth in Taiwan: A case of successful planning","container-title":"World Development","page":"1029–1044","volume":"19","issue":"8","source":"Google Scholar","shortTitle":"Education and economic growth in Taiwan","author":[{"family":"Woo","given":"Jennie Hay"}],"issued":{"date-parts":[["1991"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Woo, 1991). Taiwan as a province roughly homes a population of 23 million people out of which 5,384,926 people are formally literate at various levels. Total of 40% of this population attends primary education, 31% secondary school level and 29% post-secondary education. Macroeconomic Implications of Education In as much as education seems to benefit an individual, it is one of the foundations of economic growth in many countries and in this case, Ireland and Taiwan. some of the positive macroeconomic implications of education include employment. From statistics employment figures in both countries have illustrated a considerable increase, because the educated young graduates have occupied several net professional job opportunities offered by the government. Employed people are capable of meeting their basic needs and thus contributing to the overall income of the nation. One’s income is another one’s expenditure. Education is an investment. In the long run edu...