 is economics of education. So economics of education, usually we mean those issues of education which are directly and directly related to economics. For example, when you have educational development, it leads to social development, it leads to economic development. So when we discuss the relationship between educational development with economic development, this becomes a part of the economic education. Similarly, when you go for the educational training or higher education, your efficiency is increased. So it is economic efficiency. So that is also part of the economic education. When educational development or imparting of higher education leads to improvement in efficiency of a person, then that is also part of the economic education. If we can bring about equity distribution in the society, or we can say distributed justice in the society through educational development, that also brings out the economic education. That is because distribution of income and wealth is a part of economics. Similarly, when you go for the main power planning or education that is related to the educational planning. So the basic problem I will discuss in detail, the basic problem in today's society is the problem of unemployment, basically educated unemployment problem. And this is because of, basically we do not have any educational planning, we do not have any main power planning. So this main power planning is a part of the economic decision making process. That is also I just plan to discuss here in the economic education. Finally, the financing of education, this is also part of the economic education. So these are the broad five areas which I will discuss in this particular, two three classes. There are number of studies and which indicate that if there is an educational development, particularly improvement in the educational training of persons, it leads to economic development of the country. And regarding that, there was a professor from America, his name is Professor Dhanishan. He made a study in the American economy and he tried to find out what is the relationship between educational development and economic development. Educational development in the sense of improvement in quality of education. It is not the horizontal expansion, not only the horizontal and vertical expansion, it is the quality of education. When there is improvement in quality, Dhanishan found out that it leads to improvement in the part of the income of the country, gross domestic product of the country. The income of the country is improved, it is the improvement in the quality of education. For example, suppose if you have more engineers, if you have more technologists, if you have to say a person with a high degree of training, then definitely the efficiency increases, productivity increases. And this leads to improving income of the country. So that he found out with his survey that he found out that 23 percent of the national income of USA increased because of improvement in quality of educational training. So these indicate that educational development, then there will be improvement in income generation and the GDP of the country. There was a great economist, Adam Smith. In 1976, he wrote a book, Wealth of Nations. And there he mentioned the human being as an efficient machine. So in the sense that if the quality of the human being could be improved, then just like an efficient machine, the productivity of the country will also increase. So he predicted long back more than 225 years back. And so whatever the propagation made by Adam Smith, whatever the empirical finding made by Professor Denishan, it indicates that when there is an improvement in quality of education, there will be improvement in the national income of the economy, then there will be improvement in GDP, and there will be improvement in the economy. Just to justify that particular point, I take this particular table that there are three types of country I have selected that are related to 2005 World Development Report. So based on this report, the World Bank has classified the country into three groups. Low-income nation, middle-income nation, high-income nation. And those countries are called low-income nation. The per capita income is less than $5,000. $5,000, it is called PPP dollar. I just tell you, the per capita income in India as of today in 2006, 2007, it was $3,400, $6,000. And this is called PPP dollar. Extra dollar is less than that. But PPP dollar is there compared to the purchasing power parity. With $1,45, whatever you can purchase in the air, the same one dollar, you cannot get the average in New K or in USA. You need $3 there. So $1 is equivalent to $3. So actually this purchasing power parity means it is all internationally measured value of dollar. Actually our income may be $1,500. But in compared to the cost of living, cost of living in USA or Japan or any other country, then actually it is equivalent to $3,470. Now this is what is actually PPP per capita income in PPP US dollar. Now those low-income nations are those nations. Basically they belong to the country like the South Asian countries, India, Pakistan, Bangladesh, Nepal, all the South Asian countries and most of the African countries and a few South American countries. They belong to this particular group of countries. So this is called low-income nations. And the middle income nations are those countries like most of the countries of Southeast Asia, Singapore, Thailand, Indonesia, even Korea, North Korea, South Korea. So these are the countries, then some of the countries of Middle East. Not all, but many countries belong to the middle income nations. Then many countries in South America and South Africa. South Africa is not a developed country but the middle income nations. So these are the countries which belong to the middle income nations. And the high income nations, obviously USA, UK, Japan, Australia, Canada, these are the countries and most of the European countries. So these are the countries belonging to the high income nations. Now you just have a look at these particular people. These are the average income, the low income nations, middle income nations and high income nations. These are not my statistics. These are the statistics of the world level of report. If you are in the world bank. Now just imagine where we stand today. Our per capita income is 340 and Sinus per capita income is 6600. Sinus. And Sri Lanka, Sri Lanka is 4570. I am just giving the Indian subcontinent. Pakistan is 2050 and Bangladesh is 2090. Now where do you stand? Compared to Sinus we are almost half. So the standard of living is almost half of that of Sinus. Even 50% lower than the Sri Lanka. Now compared to the high income nations, 10 times their per capita income is 10 times that of India. Now where do you stand? Just imagine. We have a lot of planning for the last 50, 60 years. So many schemes are adopted by the government. In spite of that, in spite of that, see the position we are having today. We are staying in the urban area. We do not know the poverty in the rural area. The actual poverty cannot measure in terms of the standard of living in the urban area. Now at the same time, you just see when you talk about educational development, many things come. One is that general literacy rate, adult literacy rate, educational infrastructure. All these are constituting the educational development. But I am thinking just only one indicator. That indicator is the adult literacy rate. And the country where the per capita income is low, low income nation, $246 per year. And the literacy rate is 62%. And the slightly improved country, like middle income nations, where per capita income is 7195, then the adult literacy rate is 90%. And the high income nation, socially, economically, technologically developed, per capita income is about $32,000, $33,000. Then the adult literacy rate is almost 99%, almost 100%. All are almost literate. So just see that there is a relationship between these two. When you have higher income, you can provide better educational facilities. So education development is high. You have better literacy rate. You have better higher, better adult literacy rate. So this indicates that there is a close relationship between these two.