EDUCATION AS AN INDICATOR OF DEVELOPMENT ON THE ROAD TO THE KNOWLEDGE ECONOMY

Adrijana Nikic-Katic
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Adrijana Nikic-Katic: postgraduate student at the Faculty of Economics in Osijek, Business and Technical College in Doboj, Bosnia and Herzegovina

Interdisciplinary Management Research, 2015, vol. 11, 549-557

Abstract: One of the basic indicators of the development of national economies is the degree of education and knowledge of its society. Therefore, education, especially higher education, is considered to be a national priority which contributes to economic development as well as the development of society in general. Highly-educated workforce is of special importance for the creation of a knowledge-based economy. Most developed countries implement their development strategies by investing in knowledge and human capital. Europe 2020 strategy lists as its main goals the improvement of conditions and quality of education. The United Nations and the World Bank consider education as one of the foundations for the creation of a knowledge-based economy. The knowledge economy can be defined as economy based on human knowledge, competence and capability. The key factor in the development process is knowledge embodied in people. This paper shows basic indicators of the development of knowledge economy with a special focus on education, and it also explores where Bosnia and Herzegovina is on the road to the knowledge economy.

Keywords: education; development; knowledge economy; Bosnia and Herzegovina (search for similar items in EconPapers)
JEL-codes: D83 I21 I24 O15 (search for similar items in EconPapers)
Date: 2015
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