INTRODUCTIONThe world has seen an improvement in living standards over the past millennium, most of which can be attributed to the adoption of education around the world. Education is a powerful instrument with enormous potential to increase opportunities for individuals, communities and countries. It involves the refinement of human resources to explore their infinite potentials to achieve sustenance. It has enormous potential to increase human capital in the workforce and improve an economy's capacity for innovation. Due to the significant impact of education on economic development over the years, early researchers even recognized education as a very relevant form of investment in human development. capital and continue to propose ways to explore its effectiveness in improving economic growth and eliminating poverty. Plato, for example, recognized that education is important for the proper use of wealth and considered education to be one of the highest priorities in human life. Bessarion was also one of the first prominent figures to establish the link between production and technological education, recognizing the economic importance of education (Lampros 1930, vol. IV.). The mercantilist emphasized a rudimentary educational system with a practical orientation and efforts to improve the existing infrastructure. And the Physiocrats advocated a system of education that emphasized a political system consistent with the natural order. In the premodern era, collective investment in human capital was not considered important for any country. Individuals, communities and government have spent less on education, on-the-job training and other forms of improving human capabilities. However, the Industrial Revolution witnessed a more systematic investment in human capital as a means of paper......Biddle and John B. Davis (eds.) (2003). A Companion to the History of Economic Thought. London: Blackwell. Screpanti, Ernesto and Stefano Zamagni (1993). An overview of the history of economic thought. Oxford: Oxford University Press. Backhaus J. (2012) Handbook of the history of economic thought: overview of the founders of modern economics. Springer Science+Business Media, Stevens P. & Weale M. (2003), Education and Economic Growth, International Handbook on the Economics of Education, edited by G. and J. JohnesHanushek EA and Wößmann L (2010), Education and Economic Growth . In: Penelope Peterson, Eva Baker, Barry McGaw, (editors), InternationalEncyclopedia of Education. volume 2, p. 245-252. Oxford: Elsevier. Stevens and M. Weale, Education and Economic Growth, International Handbook on the Economics of Education, edited by G. and J. Johnes, August 2003