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The Potential Of The Investment In Education In Creating Socio-Economic Development In The New Economy And The Knowledge-Based Society

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Author Info

  • Marta-Christina SUCIU

    ()
    (Academy of Economic Studies, Bucharest, Faculty of Economics, Economics & Economic, Policies Department)

  • Remus Marian AVRAM

    ()
    (Academy of Economic Studies, Bucharest)

  • Emanuela Maria AVRAM

    ()
    (Romanian-American University, Bucharest, Management-Marketing Chair)

  • Raluca EFTIMIE

    ()
    (Academy of Economic Studies, Bucharest)

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    Abstract

    Compared with classical economics, the new knowledge economy and learning society gets another new framework for addressing specific facets and therefore is no longer centered n the transfer of information, but becomes a dynamic process in which individuals learn how to continuously learn, how to access new opportunities to explore and exploit effective and timely information in order to transform it into new knowledge. In this new context in which human skills and knowledge are core components of the strategic economic and social system, traditional factors of production lose their centuries supremacy and become secondary. Paraphrasing Quash professor at the London School of Economics, robust growth in investment in intangible assets facilitates the so-called “cognitive domains” in which “ideas are worth billions, while the products still cost less. “ (Suciu, 2004). Thus, more investment in education leads to an increased income which leads to wealth and in this way contributing to society development.

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    File URL: http://rebs.ro/resource/REBS_7/Essay/Suciu,M,%20sa-THE%20POTENTIAL%20OF%20THE%20INVESTMENT%20IN%20EDUCATION.pdf
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    Bibliographic Info

    Article provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Review of Economic and Business Studies.

    Volume (Year): (2011)
    Issue (Month): 7 (May)
    Pages: 255-264

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    Handle: RePEc:aic:revebs:y:2011:i:7:sucium

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    Postal: Universitatea Al. I. Cuza; B-dul Carol I nr. 22; Iasi
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    Related research

    Keywords: investment in education; socio-economic development; knowledge;

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    References

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    1. Jean Luc De Meulemeester & Denis Rochat, 1995. "A causality analysis of the link between higher education and economic development," ULB Institutional Repository 2013/1573, ULB -- Universite Libre de Bruxelles.
    2. Kitaura, Koji, 2009. "Child labor, education aid, and economic growth," Journal of Macroeconomics, Elsevier, vol. 31(4), pages 614-620, December.
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