Impact of education on living standard in Nigeria
Education brings about awareness and increases opportunities for growth and development. On the individual level, education brings about economic opportunities and improves individual standard of living. On the aggregate level, education improves labour skills leading to increase in productivity and overall standard of living. The present study employed the Johanson Cointegration Test and Vector Error Correction Model (VECM) to investigate the relationship between education and standard of living. The variables used include per capital real GDP, government expenditure on education and health. The result suggested a long-run relationship between the variables, implying a rapid adjustment towards equilibrium.
Keywords: Development, Education, Living standard, Health
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