The Growth of Graduates and Economic Development
DOI:
https://doi.org/10.62051/xdabj075Keywords:
Economic development; graduate numbers; human resource development; labour market; higher education policy.Abstract
The expansion of higher education and the consequent increase in graduate numbers are widely seen as a key driver of economic development within the framework of human resource development (HRD) and human capital theory. This paper critically examines the extent to which rising graduate numbers effectively promote economic growth. It argues that while an increased supply of graduates can enhance human capital quality, spur technological innovation, facilitate industrial upgrading, and promote social equity, its benefits are not automatic. The analysis highlights significant challenges, including qualification devaluation, labour market mismatches, diminishing returns on educational investment, and intensified job competition, which can undermine positive economic impacts. To optimise the economic contribution of graduates, the paper proposes policy recommendations focused on improving education quality, enhancing industry-education-research integration, and facilitating efficient talent mobility.
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