Economics of Education: An Idea for a Poor Nation

Abstract

Bangladesh has been beset with manifold everyday problems even after becoming a lower middle-income country in 2015. This paper argues that the huge population is a key problem in this country and the existing higher education at general universities and colleges is generally unproductive. Against this backdrop, this study suggests that the country's population problem can be transformed into human resources by introducing a purposeful higher education system. The purposeful education will have three broad-based impacts on the society. First, wastage of education will be minimised and efficiency will go up as people will get a job matching their skills they gain from their study. Second, there will be less possibility of unemployment as students will be provided with skills related to the demands of local and foreign job markets, and the governmental will help them secure jobs. Third, the existing size of the population will go down significantly in line with the students moving abroad with jobs in a revolutionary way, which could revolutionise the country's socioeconomic condition.