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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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Marta-Christina SUCIU & Remus Marian AVRAM & Emanuela Maria AVRAM & Raluca EFTIMIE, 2011. "The Potential Of The Investment In Education In Creating Socio-Economic Development In The New Economy And The Knowledge-Based Society," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 7, pages 255-264, May.
  • Handle: RePEc:aic:revebs:y:2011:i:7:sucium
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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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    References listed on IDEAS

    as
    1. 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.
    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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    Citations

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    Cited by:

    1. Annie Tubadji & Vassilis Angelis & Peter Nijkamp, 2016. "Endogenous intangible resources and their place in the institutional hierarchy," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 36(1), pages 1-28, February.

    More about this item

    Keywords

    investment in education; socio-economic development; knowledge;

    JEL classification:

    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development

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