The Investments in Education and Quality of Life

Dan Dumitru Ionescu, Alina Măriuca Ionescu and Elisabeta Jaba
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Dan Dumitru Ionescu: Alexandru Ioan Cuza University of Iasi
Alina Măriuca Ionescu: Alexandru Ioan Cuza University of Iasi
Elisabeta Jaba: Alexandru Ioan Cuza University of Iasi

Journal of Knowledge Management, Economics and Information Technology, 2013, vol. 3, issue 6, 12

Abstract: A considerable amount of literature has investigated positive economic and social outcomes that learning may have both for individuals and for societies. Better-educated people typically have better health status, lower unemployment, more social connections, and greater engagement in civic and political life. This paper aims to explore the relationship between investments in education and research and the level of quality of life in a country. The investments in education and research are expressed in terms of expenditure on education and research, financial aid to pupils and students and public subsidies to private sector. For the assessment of quality of life there were considered three well-known composite indicators: Human Development Index, Economist Intelligence Unit Quality of Life Index, and Satisfaction with Life Scale. The analysis is done using data on European Union 27 member states, which come from Eurostat database and from specialized institutions’ sites. The study shows a positive relation between investments in education and quality of life. It identifies the annual expenditure on public and private educational institutions per pupil/student and the gross domestic expenditure on research and development as being the indicators of investments in education that best predict the level of quality of life in a country. Journal: Journal of Knowledge Management, Economics and Information Technology

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spp:jkmeit:spi13-12

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