Education as a Determinant of Development in World Economic Crisis

Milos Lutovac, Vladimir Todorovic and Mile Rajkovic
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Milos Lutovac: Belgrade Business School, Serbia
Vladimir Todorovic: Belgrade Business School, Serbia
Mile Rajkovic: Belgrade Business School, Serbia

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Abstract: In Serbia, as in almost every other country, education as an important developmen factor draws attention of its scientists and experts generally who examine it from various sides. The very organisation and functioning of educational system represents the subject of hot disputes and thorough analysis carried out by experts from this field in almost every country worldwide. Although the Human Resource has always been very important factor of economic development, in the age of new informational and communication technologies it comes out to the first place. The review of relevant literature shows that on the microeconomic level formal education and training are of significant importance on employees’ productivity and salary. The situation is very similar on the macroeconomic level, where Human Resources determines largely the growth of agregate labour productivity and through that the economic growth also. Regarding the importance which Human Resource has for the economic growth, education and training of workforce reperesent imperative for every country. Furthermore, special attention should be paid to building of Human Resource in education because it is the sector of stategic importance.

Keywords: human capital; education; knowledge economy; economic development; creative capital; economic growth (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:tkp:mklp14:719-724

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