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Dominance of education, knowledge and emergence of human capital were the most significant developments of last half of the 20th century. These are likely to dominate the debates on growth theories in 21th century. It is true that education will not cure all problems of a society but without it no solution of problem is possible. It is the key to economic efficiency, social stability, intellectual flexibility and overall productivity of labour force.

The theme of book is an attempt to evaluate the allocative efficiency of resources devoted to education & its labor market aspects. Its utility lies in mainly in indicating the investment characteristics of education. Education is undoubtedly an investment in future and has distinctive characteristics. The book documents the linkages between higher education and economic development. The linkage in India is discussed with failures, achievements and future prospectus. The related literature was critically evaluated in terms of theoretical bases and empirical findings. The research issues and Policy Implications were mentioned based on said theme followed by future agenda for research.