The Role of Education and ICT in Economy

Knowledge and technological innovation play a crucial role in economic activities in parallel with the technological infrastructure recognized by managers, scientists, and engineers, together with the related telecommunications, information systems, environment, microelectronics machinery and computer-based transportation. As it could be easily seen, technical progress has direct effects only on production. Through process or product innovation, it is evident that to maintain a kind of feedback on education and human capital formation is the natural result of the investment inputs closely connected with the scholastic fashion. Education and technological change are major determinant of economic, cultural, political, social, demographic changes. It must be borne in mind that considering the global aspect of the economic system, one should emphasize the importance of the inclusion of information and communication technologies (ICT) in education, which naturally result in the productivity of education outputs. In parallel with the close relationship between human capital and social capital, which are closely connected with each other and at the same time trigger each other. All of them aim at the well being of economy. It related theoretical literature framework of our study would be analysed in the light of variable such as globalisation, ICT, education, human capital, social capital, and economy well being.