Quality of Education, Economic Performance and Institutional Environment

Hasan Faruq and Ashley Taylor ()

International Advances in Economic Research, 2011, vol. 17, issue 2, 224-235

Abstract: This paper addresses two questions. First, how does the quality, rather than the quantity, of education impact economic performance? Second, does the quality of education have a larger impact on economic performance in countries with better institutions (i.e., social and political variables which affect economic outcomes)? Using data from more than fifty countries, we observe that there is a positive relationship between the quality of education and GDP per capita. In addition, we find that the quality of education has a more beneficial effect on GDP per capita in countries with better law and order conditions, government stability, and overall institutional environment. These results remain unchanged under various scenarios. Copyright International Atlantic Economic Society 2011

Keywords: Quality of education; Quantity of education; Human capital; Institutions; O10; O43 (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1007/s11294-011-9293-4

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