Role of education in economic development

Education is the fundamental factor of economic development and social well-being. Also, it is the key to improving economic efficiency and social responsibility. By increasing the value and effectiveness of labour, education helps the poor to improve their wealth status. This increases overall productivity and intelligent flexibility of workforce. Education work towards the country's competitiveness in the world markets, which nowadays are character-ized by changing technology and production methods. Educational process that begins in the early childhood greatly contributes to expansion of contacts with representatives of various social groups and promotes interpersonal tolerance. The article considers the different views of economists (both theorists and practitioners) on the role of education in economic development.