Dublin Core
Title
AN INCLUSIVE MODEL OF EDUCATIONAL EXPENDITURE AND ECONOMIC DEVELOPMENT FOR ZIMBABWE
Creator
SHAME MUKOKA
Description
This study sought to determine an inclusive framework for education expenditure that enhances
economic development for Zimbabwe. The study used the ARDL-ECM in the determination
of the relationship between the two variables, using data for the period 1980 to 2021. E-views
Version 12.0 Statistical Package was used to run the regressions. Data were obtained from the
International Monetary Fund and World Bank. The study found an inverse relationship between
expenditure on education and economic development in Zimbabwe for both the short-run and
long-run periods. Guided by the Zimbabwe Education 5.0 Model, the study recommends that
a stand-alone research budget be made available for the institutions of higher education. It is
also true with the industry that expects the best from graduates to fund research done by the
institutions of higher education. It follows, therefore, that the industry must have constant
liaison with the institutions of higher education, presenting challenges which they are facing
for research to be conducted with the view of proffering solutions. In fact, facilitators from the
institutions of higher education must be able to research on the needs of the economy, and
impart knowledge on students, guided by the predetermined economic needs. It is from the
research that the institutions would have conducted that would inform the content of teaching
and community outreach. The students would then benefit from the researched teaching, thus,
enabling them, and the facilitators to cause innovation and industrialisation
economic development for Zimbabwe. The study used the ARDL-ECM in the determination
of the relationship between the two variables, using data for the period 1980 to 2021. E-views
Version 12.0 Statistical Package was used to run the regressions. Data were obtained from the
International Monetary Fund and World Bank. The study found an inverse relationship between
expenditure on education and economic development in Zimbabwe for both the short-run and
long-run periods. Guided by the Zimbabwe Education 5.0 Model, the study recommends that
a stand-alone research budget be made available for the institutions of higher education. It is
also true with the industry that expects the best from graduates to fund research done by the
institutions of higher education. It follows, therefore, that the industry must have constant
liaison with the institutions of higher education, presenting challenges which they are facing
for research to be conducted with the view of proffering solutions. In fact, facilitators from the
institutions of higher education must be able to research on the needs of the economy, and
impart knowledge on students, guided by the predetermined economic needs. It is from the
research that the institutions would have conducted that would inform the content of teaching
and community outreach. The students would then benefit from the researched teaching, thus,
enabling them, and the facilitators to cause innovation and industrialisation
Publisher
Zimbabwe Journal of Business, Economics and Management
Date
2023
Position: 24 (54 views)