THE IMPACT OF EDUCATION ON THE DEVELOPMENT OF THE ECONOMY AND SOCIETY

Abstract

The main functions of education in the modern world are: reproduction of the human potential of the national economy; creation of an information base for the development of human potential, ensuring its development and, as a result, accelerating the socio-economic development of society and the personal development of an individual. The article examines the impact of education and science on economic growth and social development. The views of outstanding scientists on the role of education and science, starting from the classical school to representatives of the main directions of modern world economic theory, are summarized. Human capital (that is, the totality of people's knowledge, abilities and skills) is considered as one of the main factors in the growth of production and the economy. The trends of the growth of the role of education and science in ensuring the economic development of society are determined. A conclusion is made about the growth of the role of education and science in the development of society, which is accompanied by continuous changes in the content of scientific and educational activities, the scope of its distribution and influence on other spheres of life. A person's income depends on his education, every lost year of children's schooling turns into colossal losses for the country as a whole. Investments in education have up to 500% profitability, the development of soft skills, according to forecasts, will be the source of most of the profits in the economy of the future. A higher level of education helps to reduce the level of crime. The field of education also provides new vacancies. The results of the analysis of the impact of education on the growth of the gross domestic product in foreign countries indicate a general trend, according to which higher education costs correspond to a higher level of qualification of people and larger volumes of the gross domestic product. Education is entrusted with the performance of not only the economic function, but also the function of stimulating the development of scientific and technical progress and technological achievements. Education, which meets the modern needs of society and the labor market, acts as a powerful adaptive potential that transforms society to modern socio-economic realities.