Economics of Education: Examining from Different Perspectives

Sabiha Oltulular
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Sabiha Oltulular: Recep Tayyip ErdoÄŸan University, Turkey

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 3s, 4350-4365

Abstract: To ensure sustainable economic growth and development, human capital is an essential factor of production that should be addressed at least as much as physical capital. Human capital is essential for better regulation, planning, and implementation of physical capital. Economic growth and development are the cause as well as the result of education. As the quality of education increases, economic growth will increase, and the effect of increasing economic growth will be reflected in the education sector. These two values not only positively influence each other, but also feed each other. In this study, which started with the definition and importance of education and education economics, the research continued by explaining the economics of education in detail through various items. It is aimed to examine the economics of education, the historical dimension of education economics, education supply-demand, education in the labor market, and essential education indicators using country data. Human capital is necessary for realizing sustainable growth and development in the long term, and to ensure this process is effective, human capital training can only be achieved through education. It is necessary to invest in quality education. These investments return by increasing the country’s social and economic welfare in the long run. It was observed that education investments in OECD countries and Turkey have increased significantly in recent years. Education should be increased both quantitatively and qualitatively. More effective and efficient educational policies should be determined and implemented without compromisese.

Date: 2024
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