Plato believed, education is indispensable to the economic health of good society, for education, he said, makes citizens 'reasonable men' Education was regarded important on its own. Since education has high value in the society, Plato argued that a considerable part of a community's wealth must be invested in education. The positive contribution was emphasized by many philosophers and thinkers over centuries. A major contribution to the discussion on the contribution of education to development was made by several social thinkers and philosophers for several centuries. The role of education in economic development, in reducing poverty and inequality, as a possible contributor to greater social and economic equality and as an enhancer of development was widely recognized from the days of Adam Smith. Education rightly regarded as an important factor of economic growth and development, within education, focus has been relatively more on primary education. Several studies have analyzedthe contribution of literacy and primary education to improvement in poverty, agricultural productivity, health and nutrition, growth in population, human development indicators like infant mortality, life expectancy etc., and. Very few studies have examined the role of secondary and higher education in case of these aspects; and firmly concluded that literacy and primary education have significant effects on poverty reduction.
Infant Mortality, Life expectancy, Productivity, Inequality, Income distribution, Neo-classical growth, Empirical studies, Parameters
