Analysis of the Impact of Public Education Expenditure on Economic Growth of European Union and BRICS

Tomić, Zoran (2015) Analysis of the Impact of Public Education Expenditure on Economic Growth of European Union and BRICS. Economic analysis, 48 (1-2). pp. 19-38. ISSN 1821-2573

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Abstract

Knowledge is one of the key factors for the development and progress of each of the world economies. Starting with the industrial revolution, more attention and resources are invested in the development of the education system. Economies need to invest effort and resources in the education system that would allow for population to prepare for participation in the economic life of their country. This means that investing in youth education and training for work in the economy and development of young people in research, development and science would contribute to the development of new technologies and knowledge. Development of new technologies and knowledge contributes to increased competitiveness of country in the global market. This paper presents a comparative analysis of investment funds in the education systems of the European Union and BRICS, and it is shown that there is a positive correlation between public expenditure on education and the value of GDP of the country.

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