The financing of education in European Union in the era of economic crisis. The case study of Greek Higher Education

Maria Fragiskou () and Epameinondas Paplomatas ()
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Maria Fragiskou: Agricultural University of Athens
Epameinondas Paplomatas: Agricultural University of Athens

No 100637, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences

Abstract: High quality education and training is the cornerstone to economic growth. Teaching citizens valuable skills in all sectors will spur innovation and ultimately can help improve corporate competitiveness. The European Union concurs, and overtime has instituted a series of education policies for development, notably in the field of higher education. A good example would be the Bologna Process. Yet the economic crisis has put tremendous pressure on all Member States. While governments are implementing policies to reduce their budget deficits and to manage their public debt, they remain committed to establishing a sustainable economy. Despite good intentions to boost national competitiveness, in practice education funding has been negatively affected by austerity measures, especially in Southern Europe. Given that research demonstrates correlation between the level of funding for education and students' learning outcomes, the urgency to review education funding policies becomes a priority.In this article, we will try to outline the trends in expenditure in higher education in Greece in the period 2008-2012 compared with those of the European Union Member States in the same time frame. We will present the effects of the economic and financial crises in education expenditure and how these affect the quality of education. The comparative analysis is set in five parts. The first, describes the financial environment in European Union and Greece during the reporting period. The second and the third review the financing of education in Europe and in Greece. The fourth analyses the allocation of costs and the fifth estimates the per student cost of education in academic departments of Greek universities.

Keywords: Education funding; financial and economic crisis; higher education; human resource funding; cost per student (search for similar items in EconPapers)
JEL-codes: H52 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2014-05
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Published in Proceedings of the Proceedings of the 9th International Academic Conference, Istanbul, May 2014, pages 413-430

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Persistent link: https://EconPapers.repec.org/RePEc:sek:iacpro:0100637

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