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Education and Economic Growth of the Western Balkans Countries

Author

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  • Erić Ognjen

    (Krajinapetrol J.S.C.Banja Luka, Bosnia and Herzegovina)

Abstract

Numerous theoretical and empiric studies investigate the correlation between education and human capital and economic development. Full affirmation of knowledge and the role of education in stimulating economic growth were provided by endogenous theory. The subject of this paper is to analyse the correlation between education and educational system and the economic growth of the Western Balkans countries (WB). The hypothesis of this work says that: education and educational system in the WB affect the growth of GDP per capita. A better education system stimulates and accelerates the economic growth and development. The aim of this research is to prove that an optimal education system stimulates the growth and development in each observed national economy. In this paper, the results of the correlation analysis indicate high compliance of higher education with GDP per capita i.e. higher education population is particularly important for the level of development whereas there is a highly compliant but inverse relation of the population with informal level of education and economic development in the WB countries.

Suggested Citation

  • Erić Ognjen, 2018. "Education and Economic Growth of the Western Balkans Countries," Economics, Sciendo, vol. 6(2), pages 27-35, December.
    • Handle: RePEc:vrs:econom:v:6:y:2018:i:2:p:27-35:n:2
    DOI: 10.2478/eoik-2018-0021
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    References listed on IDEAS

    as
    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 103-126, October.
    3. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
    4. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    More about this item

    Keywords

    Education; educational structure; economic growth; development; the Western Balkans;
    All these keywords.

    JEL classification:

    • F00 - International Economics - - General - - - General
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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