Is There a Correlation Between the Level of Education and Economic Growth in a State?

Abstract

Education plays a crucial role in a country’s economic development. It can support economic progress by increasing and developing human capital, namely qualified and trained human resources. In this study we have analysed the impact of education on economic growth in Europe and assessed the effectiveness of educational policies and measures in promoting a sustainable economic development. By understanding this connection more profoundly, relevant directions and recommendations can be obtained for the design and implementation of educational and economic policies, in view of stimulating economic growth and social prosperity. The results have shown that the economic growth indicator is influenced by the level of education in a state.

Keywords

• education
• economic growth
• investments
• human capital
• competencies