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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

Listed author(s):
  • 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)

Registered author(s):

    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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    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
    Contact details of provider: Postal:
    Universitatea Al. I. Cuza; B-dul Carol I nr. 22; Iasi

    Phone: 004 0232 201070
    Fax: 004 0232 217000
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    1. Kitaura, Koji, 2009. "Child labor, education aid, and economic growth," Journal of Macroeconomics, Elsevier, vol. 31(4), pages 614-620, December.
    2. de Meulemeester, Jean-Luc & Rochat, Denis, 1995. "A causality analysis of the link between higher education and economic development," Economics of Education Review, Elsevier, vol. 14(4), pages 351-361, December.
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