THE POTENTIAL OF THE INVESTMENT IN EDUCATION IN CREATING SOCIO-ECONOMIC DEVELOPMENT IN THE NEW ECONOMY AND THE KNOWLEDGE-BASED SOCIETY

Marta-Christina Suciu (), Remus Marian Avram (), Emanuela Maria Avram () and Raluca Eftimie ()
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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

Review of Economic and Business Studies, 2011, issue 7, 255-264

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.

Keywords: investment in education; socio-economic development; knowledge (search for similar items in EconPapers)
JEL-codes: I21 I25 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (1)

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