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The Role Of Education In Economic Growth
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Benefits Of Economic Growth
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Entry: May 24, 2022 / Revised: June 20, 2022 / Accepted: June 24, 2022 / Published: June 29, 2022
Work Education And Economic Development
Economic development is one of the main goals of the government, but it can be achieved by involving different categories of interested parties, taking into account the complexity of the phenomenon and the many influencing factors. In this research paper, the authors analyze specific current issues that effectively represent economic development. The research focuses on the importance of education, especially higher education, entrepreneurial skills and the innovative capacity of businesses. The objectives are (1) to determine whether higher education leads to economic growth; (2) examine whether innovation is one of the drivers of economic growth; and (2) discuss the impact of business dynamism (business establishment) on economic growth. The method used in this study is panel regression (stationary model) for a sample of 30 European countries for the years 2003-2020. The main findings relate to the positive impact of higher education on economic growth, while the other two factors, entrepreneurship and innovation, were found to be insignificant during this period.
There are many studies that have focused their research on finding the causes of economic development (Vasil et al. 2007; Anache et al. 2013; Yusuf and Nabeshima 2007; Clofston et al. 2019; Hasa et al. 2020; Morina et al. (Al. 2020; Zhu et al. 2020; Angelache et al. 2021; Ur Rahman and Haisa 2021; Panait et al. 2022) The level of education is a channel of economic development. Intuitively, it can be said that education raises the standard of living of the people. It affects the ability to work and develop. society is related (Haisa 2014). The higher the share of skilled workers, the higher the labor productivity and technological progress. Another intuition behind this positive relationship is the assumption that the higher the level of education, the higher the level of wages rise, which implies higher costs. This can be seen as an increase in demand, a pressure on the supply side, so there is a firm in the market.
Over time, European countries pay more attention to education. The strengthening of education leads to the growth of a qualified and knowledgeable population, which in turn uses this knowledge and information obtained in the market (Ndou et al. 2019; Secundo et al. 2019; Ndou 2021 ). The results of many studies over the years are consistent with the finding that education has a positive effect on overall economic growth (Vasil et al. 2007; Bliss and Koza 2016; Bliss et al. 2019). Naturally, the type, level and location in which education is received affects the overall growth of capital in a person’s library of skills and knowledge, and this begins with early education, as highlighted by Hanushek and Weissman (2010). An important influence in the general education system of construction is the main and basic elements of the system. While primary education serves as a strong and solid foundation, the acquisition of knowledge and skills among people continues through secondary, higher education and beyond. Cognitive skills value quality over quantity of learning as Hanushek and Wosman (2010) stated, “When quality of learning is introduced as a variable, quantity becomes almost insignificant”. Thus, getting a quality education at an early stage with a strong foundation has been more beneficial in developing skilled and knowledgeable individuals.
In addition to primary and secondary education, many researchers such as Chatterjee (1998), Pillai (2011) and Hanushek (2016) have discussed the contribution of higher education to economic development as the main level of education aimed at supporting highly skilled labor. However, the results of these works are contradictory and do not correctly define the only type of relationship. In addition to education, innovation and promotion of entrepreneurship are considered as important factors of economic development (Haisa and Mansi 2020; Kozza and Bliss 2017). Therefore, based on the above discussion, the purpose of this study is to determine whether certain selective factors such as the level of education, innovation and entrepreneurship are decisive in the economic development of European countries. The main data used in our model come from Eurostat and the World Intellectual Property Organization for the years 2003–2020. The article uses descriptive statistics and panel regression analysis to address the following research questions:
Economics Of Education In Europe
Addressing these research questions is important because governments often need to target investment choices and specific determinants that promote economic growth. Good choices help create the right framework for growth and development by implementing the right policies
Furthermore, this study contributes to the literature on the contribution of the level of education, the dimension of innovation in the economy and the dynamics of business to enter the economic development market in European countries. What this research suggests and seeks to emphasize is a broader understanding of economic development, though integrating (1) higher education as a major contributor to a skilled workforce, (2) innovative capacity, and (3) entrepreneurial incentives that help businesses. . | Finally, this article is organized as follows: in the first section, an introduction to the issues, in the second, an overview of the main conclusions of the literature on economic development with other factors mentioned above, and in the third part of the article. The data and methods used to test the research hypotheses, the fourth section describes the results of the empirical analysis, and the last two sections provide some important insights in the form of discussion and conclusions.
While previous studies have focused on the effect of primary and secondary education on economic growth, Chatterjee (1998) includes higher education and finds an important role for this variable in economic growth. Furthermore, Pillai (2011) notes that “higher education is a key driver of economic competitiveness, especially in the global knowledge-based economy”. In contrast, Hanushek (2016) conducts an empirical analysis that finds that adding more years of education does not affect economic growth when cognitive skills do not increase. Meanwhile, Benos and Zotto (2014) took the discussion to another level. In their research, they reviewed a total of 57 studies that measured the effect of education on economic growth. The results of their work were still unclear and not the same across the country. These changes were mainly due to the differences in the types of data used. In recent years, more studies have been conducted on the impact of universities in promoting the principles of sustainable development, imparting knowledge and creating specific skills in students and the power of role models through the implementation of Various CSR programs are focused. environmental protection, local community development and anti-corruption (Mete 2013; Panite et al. 2016; Bliss et al. 2018; Sengupta et al. 2020; Giguri et al. 2021).
People with higher education have skills and have various positive effects on the workforce. The first and most important contribution of these people is their high propensity for entrepreneurship (Chaganti and Green 2002). It has a direct positive impact on well-being and economic development. However, the classic debate is whether entrepreneurs are born equipped with talent and emotional intelligence.