Final answer:
Education plays a critical role in success through human capital deepening, with a strong correlation between educational attainment and economic earnings. It also has significant global importance, contributing to societal benefits from economic growth and equality to health outcomes. However, individuals must balance the rising costs of education with these potential benefits.
Step-by-step explanation:
Is an education essential for a person to achieve success? The question posits a complex issue, touching upon economics, personal development, and societal progress. While education is not the sole determinant of success, it plays a critical role in human capital deepening, which refers to the process of increasing the knowledge and skills of the human workforce. The benefits of becoming better educated are manifold, from personal earnings to societal advancements.
Economic data show that higher education generally correlates with increased earnings. For instance, median weekly earnings tend to rise with higher educational attainment, supporting the notion that there is a significant private rate of return to education. However, it is also true that the costs of education are rising, leading to a scenario where individuals must carefully weigh the economic implications of pursuing higher education.
Beyond the improved earnings potential, education also has global importance as it contributes to economic growth, reduction in poverty and inequality, and leads to other societal benefits like reduced crime rates and improved health outcomes. Still, it's important to acknowledge the multi-faceted impact of education, which transcends mere economic considerations and includes empowerment and the ability to transcend societal limitations.