Abstract
This research covers an evaluation of the impact of education system, educational, scientific and other institutions on the economic growth in nine countries of Southeast Europe (SEE). The main hypothesis is the following: GDP pc growth is significant and positively correlates with the indicators of the state of education system. In addition to educational institutions, there are other social and economic indicators on which education and science depend, namely the budget and fiscal system, corruption and protection of intellectual property rights, which also have positive and significant impact on GDP pc. The stated fields are interactive. Besides GDP pc, the analysis includes another 11 variables. Factor analysis for the variables grouped into two factors shows high significance. The F-test result shows significance of the regression model. ANOVA test, too, confirms the aforementioned significance. Both variables (the first and second factor) have positive direction with GDP pc. The results show significance of the institutional-educational variable, while the impact of educational population in the model is not sufficiently significant. Econometric analysis has mainly confirmed the initial hypotheses.
Highlights
IntroductionNumerous factors affect the economic growth rate
In theory, numerous factors affect the economic growth rate
Economic and technical-technological factors there can be added the educational factor, which is becoming an important factor of economic development
Summary
Numerous factors affect the economic growth rate. This can be seen from the production function Y = f (Tp, C, L), where Y – GDP value, Tp – technological progress, C – capital, and L – labour. It is not difficult to notice that there are more and more requests for smart, inclusive and sustainable growth, which assumes that GDP growth (Y) is occurring in a good (humane) social environment. Such an environment can only be realised by countries with developed institutions, including the policy of the entire education system. EU member states have adopted the Europe 2020 strategy, through which they are applying the policy and standards of smart, sustainable and inclusive development
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