Institutions, education and innovation and their impact on economic growth

Miroljub Shukarov and Kristina Mariæ ()
Additional contact information
Miroljub Shukarov: South East European University, Tetovo, Republic of Macedonia
Kristina Mariæ: South East European University, Tetovo, Republic of Macedonia

Interdisciplinary Description of Complex Systems - scientific journal, 2016, vol. 14, issue 2, 157-164

Abstract: The aim of this article is to provide a closer look of the institutions, their development, education and innovation and their impact on economic growth. The postulates of the neo-classical economic growth theories consider the accumulation of human capital and the technological development as factors that promote economic growth. Thus, investing in education, R&D and innovation is essential for a country's prospects for economic growth. However, the main idea is to present this topic from institutional point of view. By using literature and statistical analysis, the article investigates whether the degree of institutional development in country's educational system is sufficient enough to create prospects for economic growth. We compare four different countries: Macedonia and Serbia as non EU countries and Bulgaria and Slovenia as EU member countries. We perform two analysis - the first one is comparison of selected statistical data, and the second one is comparison of the Human Development Index for the four countries of interest. The research findings indicate to the fact that institutionalized society with higher degree of institutional development in this case in the educational system is more likely to boost the economic growth. The results also indicate to the fact that societies in which the degree of institutional development is higher, as it is in our case in Slovenia and Bulgaria, are more likely to produce well qualified and skilled labour force which will further impact the economic growth.

Keywords: institutions; education; R&D; innovation; economic growth (search for similar items in EconPapers)
JEL-codes: I25 I28 O43 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://indecs.eu/2016/indecs2016-pp157-164.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zna:indecs:v:14:y:2016:i:2:p:157-164

Access Statistics for this article

More articles in Interdisciplinary Description of Complex Systems - scientific journal from Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu
Bibliographic data for series maintained by Josip Stepanic ().