Prof. Dr. Younes Megdadi

Education economics is one of the main fields in the science of economics because of its connection to the life of human societies and their renaissance, considering that education is the basic nucleus in changing the compass of societies towards urbanization, advancement, and intellectual, cultural and cognitive development at its various levels and different sciences, and everyone sees it as a basic need and the backbone of human life and cannot be dispensed with due to its importance humanity, social, economic and others in light of the global change, which has become ravaging the societies of the world and from all directions, which prompted scholars of economic thought, long decades ago, to focus on the economics of education and how to invest it within economic concepts and theories, recognizing its importance and goals to be the reference and the real key to the renaissance of societies and the race to the top.

We have witnessed many societies around the world, represented by their countries, how they were able to implement these concepts and theories related to the education economics as a priority for their convictions that education is the only option, which in turn has brought them to what they are, with their keenness to benefit from the outputs of education in its various types and fields as a means and an end, and here it occupies positions It is advanced, not even at the forefront of the world economically, technologically, culturally, intellectually and civilized, and everyone envies it for what it is.

The basis for translating the concepts and theories of educational economics depends primarily on two basic things, which are the will to move towards education as a priority and the generous and continuous spending on education to provide a fertile environment for learning and provide an integrated infrastructure with all its educational and research facilities to be the beginning in creating minds to invest in translating their purpose in serving societies Individuals and institutions, and achieving the qualitative change that everyone aspires to, which will leave its mark on the quality of life and within the economic and social indicators in the first place so that everyone can enjoy it.

Contrary to that, economic thinkers see that the disinvestment of education in its economic concepts will leave unimaginable remnants, and the result will be painful for everyone, and they will remain in a square. both social and economic backwardness.

Many observers with economic and educational specialization ask about the extent of interest and actual application of the concepts and theories of education economics in our practical reality. Many see that there are gaps that formed imbalances in the education system, the most prominent of which is the low volume of spending on education inputs and its needs, weakness in the technological and professional infrastructure, and weakness Severe allocations for financial support for scientific research and spending on it, focus on quantitative education, weakness in strategic planning for the future of education, blurry visions and objective analysis of the reality of the labor market, which in their entirety have produced a great economic and social challenge that we stand unable to address and what is called disguised unemployment, which no one denies in light of Limited job opportunities for graduates, and this result has weakened the role of education and its revenues in moving the economic wheel and the national product.

The global race in education, which is headed by a few countries in the world, which was and still is a result of their true belief in the economics of education and the optimal investment in it and by focusing on qualitative rather than quantitative education, doubling the volume of spending on education and scientific research as a priority, and providing the necessary infrastructure in education, research and technology, and its keenness to Directing educational institutions at all levels to adopt educational policies capable of creating human capital equipped with qualifications, capabilities and skills with returns that contribute practically to achieving development in all its fields, not to mention the consolidation of the correlation between creative, innovative and qualified human capital with per capita income and national income on the one hand and improving the production wheel and efficiency On the other hand, the gross national product.

Education economics or education investment or human capital investment, as some say, are all pouring into one trench, and all of them are linked to the education of the individual person to become the real key in building the wealth of nations, and this is what Adam Smith referred to in his famous book (The Wealth of Nations), which in turn drew the attention of the world to the importance of education Economically and socially, which in turn prompted the world to race for education as a priority, believing in its importance and countless returns. And here we are always looking forward to making education the only strategic option for change and development in line with the aspirations of His Majesty King Abdullah II, the great son of Al-Hussein, and his trustworthy Crown Prince, may God protect and preserve them.