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Public Expenditure for Education and Economic Growth

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  • Maria Neycheva

Abstract

The study examines the dependence between education and economic growth. Based on the neoclassic model of growth a theoretic dependence between human capital and GDP is drawn. The effect of public expenditure for education on growth in EU countries is studied. The econometric analysis shows that higher rates of economic growth are associated with accelerated growth of state expenditure for education. For the old member-states there is also a positive dependence between research and development expenditure and the trend toward growth of the aggregate product.

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Bibliographic Info

Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

Volume (Year): (2008)
Issue (Month): 6 ()
Pages: 67-81

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Handle: RePEc:bas:econth:y:2008:i:6:p:67-81

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  1. Shantayanan Devarajan & Vinaya Swaroop & Heng-fu Zou, 1996. "The composition of public expenditure and economic growth," CEMA Working Papers 77, China Economics and Management Academy, Central University of Finance and Economics.
  2. Islam, Nazrul, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1127-70, November.
  3. Alan Krueger & Mikael Lindahl, 2000. "Education for Growth: Why and For Whom?," Working Papers 808, Princeton University, Department of Economics, Industrial Relations Section..
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  5. Gary S. Becker & Kevin M. Murphy & Robert F. Tamura, 1990. "Human Capital, Fertility, and Economic Growth," NBER Working Papers 3414, National Bureau of Economic Research, Inc.
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  7. Kyriacou, George A., 1991. "Level and Growth Effects of Human Capital: A Cross-Country Study of the Convergence Hypothesis," Working Papers 91-26, C.V. Starr Center for Applied Economics, New York University.
  8. Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October.
  9. Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
  10. Vasudeva Murthy, N. R. & Chien, I. S., 1997. "The empirics of economic growth for OECD countries: Some new findings," Economics Letters, Elsevier, vol. 55(3), pages 425-429, September.
  11. Robert J. Barro & Jong-Wha Lee, 1993. "International Comparisons of Educational Attainment," NBER Working Papers 4349, National Bureau of Economic Research, Inc.
  12. María Jesús Freire-Serén, 2001. "Human capital accumulation and economic growth," Investigaciones Economicas, Fundación SEPI, vol. 25(3), pages 585-602, September.
  13. Petrakis, P. E. & Stamatakis, D., 2002. "Growth and educational levels: a comparative analysis," Economics of Education Review, Elsevier, vol. 21(5), pages 513-521, October.
  14. McMahon, Walter W., 1998. "Education and Growth in East Asia," Economics of Education Review, Elsevier, vol. 17(2), pages 159-172, April.
  15. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
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