Empirical Investigation of the Impact of Tertiary Education on the Economic Growth of the European Union Countries
Empirical Investigation of the Impact of Tertiary Education on the Economic Growth of the European Union Countries

Summary/Abstract: The relationship between tertiary education and economic growth of the EU countries in the period 2000-2012 was examined in this paper, by using a developed econometric model in which the multiple regression method was applied and based on relevant data. The empirical research conducted did not confirm the starting hypothesis that the share of the highly educated in the structure of employees between 30 and 34 years in the EU countries in the period 2006-2012 had a positive impact on GDP per capita growth rate over this time interval. The search for the cause of the results obtained in this way should start from the selected observation period, which is characterized by the years before and immediately after the economic crisis of 2008 and 2009. Also, there is an assumption that the education systems of EU countries do not sufficiently follow real development in the labor market, that is, they do not sufficiently educate people who are able to commercialize university-acquired knowledge for innovation and economic growth. In this light, the reorganization of the system of functioning of higher education as an increasingly important segment of state support for modernizing the higher education system and increasing its degree of efficiency in the modern conditions of adherence becomes a very popular topic.

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