Importance of quality education

THE world has undergone a paradigm shift with phenomenal development in information and communication technology. Education undeniably is one of the basic human needs. In my life, I truly understood the importance of education while studying macroeconomic courses and the informative lectures by Dr. Kaushik Kumar Basu on development economics. As we are following the market economy, the existence of perfect market is important for a properly functioning economy. There are some preconditions for a perfect market. For example, there should be a number of buyers and sellers, free flow of information, equal participation of all people, proper understanding and analytical skills of the market participants (consumers) and fair competition between market players - buyer and seller both.

We, the common masses, are the vital part of the market. But the capacity, competence, decision-making skill, analytical skill and the volume of information in possession are not equal for all as we come from different socio-economic backgrounds and classes of the society. These discrepancies in possession of knowledge and information create inequality and divide the society further. But there is only one way to reduce the existing divergence among the people and that is education. The number of educated people has increased in recent times, but quality of education remains questionable. Only quality education can turn the huge population into effective human resources.

Md. Parvez Alam

Department of Finance

The University of Chittagong

[email protected]