Education is essential for human resource development and a necessary element for the sustainable socio-economic development of a society, as it can facilitate economic growth through the broader application of knowledge, skills, and the creative strength of a society. The positive long-term outcomes of education include the reduction of poverty and inequality, improvement of public health and good governance in the implementation of socio-economic policies. Previous studies on the role of education in economic growth have suggested that education enhances human capital formation, which is positively associated with economic development and growth (Schultz, 1960; Nelson and Edmund, 1966; Mankiw et al., 1992; Barro, 2001; Krueger and Lindahl, 2001). More recently, Sianesi and Reenen (2003) reported that besides the direct effects, education indirectly influences economic growth by stimulating the accumulation of productive inputs such as physical capital, technology, and health. In turn, such inputs can mitigate the factors obstructing economic growth, including population growth and infant mortality. Therefore, the multifaceted impacts of education render it an essential element of development policy. Considering the effect of education on economic development and growth, studies have highlighted that the impact of different education levels (primary, secondary and higher) depends on the stage of development and economic growth rate of a country. According to Petrakis and Stamatakis (2002), primary and secondary education is more important for growth in developing countries, whereas higher education is more relevant for economically developed countries. Self and Grabowski (2004) found a strong causal relationship between primary education and economic growth...
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