By:Yous Reaksmey

Soeur Sreypov

Hun Penglong

Voeuk Roda

Kheav Dalin

96.71 million (2012) 299,404 Km2

Contents: What is Economic development? Indicators of economic development. Linkage of education and Economic development. Higher Education and better Life. Family beliefs in Education. Comparative Budget allocation for Education. References.

What does Economic development mean?

• Economic development usually refers to the adoption of new technologies, transition from agriculture based economy to knowledge-based economy, and general improvement in living standards.

Indicators of Economic Development Elevation of people below poverty line. Expansion of Middle class. Increase in per capita income. Increase in life expectancy. Low mortality rate. Industrial expansion. Mechanized farming.

How does Education effect the Development of Economy

• Barro (1991) find a positive relationship between education expenditures and economic growth “Economic Growth in a Cross-section of Countries.”

• Benhabib and Spiegel, (1994) acknowlege the human capital development as a source of economic growth. “The Role of Human Capital in Economic Development.”

• Gemmell (1996) determine that, both human capital and their growth rates as main determinants of economic growth. “Evaluating the Impact of Human capital Stocks and Accumulation on economic Growth.”

• According to Bills and Klenow, (2000), “Countries having high rate of enrollment in schools made faster growth in per capita income because high enrollment rate causes rapid improvement on productivity.” “Does Schooling cause growth?”

• Hanushekand Kimko (2000) show that quality of education have a remarkable impact on productivity and national growth rates. “Schooling, labour force quality, and the growth of nations.”

Higher education leads to a better life College graduates on average will earn over a million

dollars more in their lifetime than high school graduates. Graduates have greater job opportunities More disposable income. Higher educated communities: Are safer View the world more positively Are less dependent on government assistance.

Importance of Family Belief in Higher Education

Education patents provide more resources and have higher expectations for their children’s education.

The higher the family income, the more likely of degree attainment by the children.

It is not “If you go to college”, it is “When you go to college”.

Comparative Budget allocation Education budget of USA for 2012 was 69.9 Billions $.• Education budget of China for 2012 was 54.68 Billions $.• Education budget of Philippine for 2013 was 6 Billions $.• Education budget of Cambodia for 2011 was 251Millions $.

Barro, R.J. (1991) ‘Economic Growth in a Cross-section of Counties’, Quarterly Journal of Economies, Vol.106, pp.407-443

Benhabib, J. and Spiege, M. (1994) ‘The Role of Human Capital in Economic Development: Evidence from Aggregate Cross-Country Data’, Journal of Monetary Economics, Vol,34, No.2, pp.143-173

Gemmell, N (1996) Evaluating the Impact of Human Capital Stock and Accumulation on Economic Growth: Some New Evidence, Oxford Bulletin of Economics and Statistics, Vol,58, pp.9-28

Bills, M and Klenow (2000) ‘Does Schooling Cause Growth?’, American Economic Review, Vol.90, pp.1160-1183

Hanushek, E.A. and Kimko, D.D. (2000) ‘Schooling, labour force quality, and the growth of nation’, American Economic Review, Vol.90, No.5, pp.1184-1208

Education is harder to steal (and there fore also to tax) than physical wealth…

“If a man empties his purse into his head, no one can take it from him.”

Brain’s Education Blog