IDEAS home Printed from https://ideas.repec.org/a/aic/revebs/y2011i7sucium.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: http://rebs.ro/resource/REBS_7/Essay/Suciu,M,%20sa-THE%20POTENTIAL%20OF%20THE%20INVESTMENT%20IN%20EDUCATION.pdf
    Download Restriction: no
    ---><---

    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Daniel Ştefan Armeanu & Georgeta Vintilă & Ştefan Cristian Gherghina, 2017. "Empirical Study towards the Drivers of Sustainable Economic Growth in EU-28 Countries," Sustainability, MDPI, vol. 10(1), pages 1-22, December.
    2. Chapman, Bruce, 2006. "Income Contingent Loans for Higher Education: International Reforms," Handbook of the Economics of Education, in: Erik Hanushek & F. Welch (ed.), Handbook of the Economics of Education, edition 1, volume 2, chapter 25, pages 1435-1503, Elsevier.
    3. Trofimov, Ivan D., 2020. "The optimum size of public education spending: panel data evidence," MPRA Paper 106847, University Library of Munich, Germany.
    4. Henryk Gurgul & Łukasz Lach & Roland Mestel, 2012. "The relationship between budgetary expenditure and economic growth in Poland," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 20(1), pages 161-182, March.
    5. Rahman, Mustafizur & Al-Hasan, Md., 2018. "Returns to Schooling in Bangladesh Revisited: An Instrumental Variable Quantile Regression Approach," Bangladesh Development Studies, Bangladesh Institute of Development Studies (BIDS), vol. 41(02), pages 27-42, June.
    6. Gurgul, Henryk & Lach, Łukasz, 2011. "Causality analysis between public expenditure and economic growth of Polish economy in last decade," MPRA Paper 52281, University Library of Munich, Germany.
    7. Vijay P. Ojha & Joydeep Ghosh, 2014. "Optimizing Public Expenditure Allocations between Secondary and Higher Education," Centre for International Trade and Development, Jawaharlal Nehru University, New Delhi Discussion Papers 14-02, Centre for International Trade and Development, Jawaharlal Nehru University, New Delhi, India.
    8. Schulze, Marc Philipp & Kleibert, Jana Maria, 2021. "Transnational education for regional economic development? Understanding Malaysia's and Singapore's strategic coupling in global higher education," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 25(4), pages 363-382.
    9. Jean Luc De Meulemeester & Claude Diebolt, 2004. "The economies of education: unkept promises?," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 47(3-4), pages 303-320.
    10. bouoiyour, jamal, 2000. "Relation éducation croissance économique au Maroc Long terme ou court terme? [Education and Economic Growth in Morocco: short-term or long term relationship?]," MPRA Paper 29162, University Library of Munich, Germany.
    11. Mustafizur Rahman & Marzuka Md. Al-Hasan, 2019. "Women in Bangladesh Labour Market: Determinants of Participation, Gender Wage Gap and Returns to Schooling," CPD Working Paper 124, Centre for Policy Dialogue (CPD).
    12. Jean-Luc Demeulemeester & Claude Diebolt, 2011. "Education and Growth: What Links for Which Policy?," Historical Social Research (Section 'Cliometrics'), Association Française de Cliométrie (AFC), vol. 36(4), pages 323-346.
    13. Chaohai Shen & Tong Sheng & Xingheng Shi & Bingquan Fang & Xiaoqian Lu & Xiaolan Zhou, 2022. "The Relationship between Housing Price, Teacher Salary Improvement, and Sustainable Regional Economic Development," Land, MDPI, vol. 11(12), pages 1-21, December.
    14. Sawami Matsushita & Abu Siddique & Margaret Giles, 2006. "Education and Economic Growth: A Case Study of Australia," Economics Discussion / Working Papers 06-15, The University of Western Australia, Department of Economics.
    15. Houston Davis & Brian Noland, 2003. "Understanding Human Capital Through Multiple Disciplines: The Educational Needs Index," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 61(2), pages 147-174, February.
    16. Schiff, Maurice & Wang, Yanling, 2017. "Education, Governance, and Trade- and Distance-Related Technology Diffusion: Accounting for the Latin America-East Asia TFP Gap, and the TFP Impact of South America's Greater Distance to the North," IZA Discussion Papers 11049, Institute of Labor Economics (IZA).
    17. Aka, Bédia F. & Dumont, J.C., 2008. "HEALTH, EDUCATION AND ECONOMIC GROWTH: TESTING FOR LONG-RUN RELATIONSHIPS AND CAUSAL LINKS in the United States," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 8(2), pages 101-110.
    18. P Pegkas & C Tsamadias, 2016. "How important are foreign and domestic investments, exports and human capital for Greece's economic growth?," Economic Issues Journal Articles, Economic Issues, vol. 21(1), pages 23-45, March.
    19. Kemal Soyer & Hale Ozgit & Husam Rjoub, 2020. "Applying an Evolutionary Growth Theory for Sustainable Economic Development: The Effect of International Students as Tourists," Sustainability, MDPI, vol. 12(1), pages 1-20, January.
    20. Turan, Güngör, 2016. "Türkiye'de Yüksek Öğretim ve Ekonomik Büyüme [Higher Education and Economic Growth in Turkey]," MPRA Paper 77778, University Library of Munich, Germany.

    More about this item

    Keywords

    investment in education; socio-economic development; knowledge;
    All these keywords.

    JEL classification:

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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aic:revebs:y:2011:i:7:sucium. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sireteanu Napoleon-Alexandru (email available below). General contact details of provider: https://edirc.repec.org/data/feaicro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.