Investing in Higher Education (Human Capital) Key Factors of Economic Development in Global Flows

Abstract

The phenomenon of globalization began as simple trade exchanges, but it has since developed into a multifaceted phenomenon that affects all aspects of people lives and nations around the world, from the biggest and most developed, which have millions of residents, to those with only a few thousand people and a small area. Starting with the political, economic, social, cultural, technological, and exchange of experiences in all areas, the advantages of this phenomena are widespread and diversified. There is no disputing the fact that everyone agrees that raising the standard and quality of education is one of the top concerns for all nations, whether developed and developing. Although education is first and foremost a fundamental human right, it may also be seen as a tool for advancing economic growth in any nation and as a significant driver of productivity and efficiency in the local, regional, and global economies. It is beyond dispute that resources (human, financial, and natural) are important, but only effective utilization of those resources can guarantee ongoing economic progress and social wellbeing. Keywords: globalization, knowledge economy, human capital, information society, economic development DOI: 10.7176/JLPG/130-04 Publication date: March 31 st 2023