Economic benefits of education – Kosovo Perspective
The future of economy and society of a country depends largely from the education of the labour force and advancement of their knowledge. The process of individual education does not end with graduation, but is a continuous process, in the function of economic competitively. Economic development and welfare are closely connected to investment in education. Considering that education investment is a heavy burden on taxpayers, high costs of education have been an object of debate in governments in terms of efficiency and rate of return. In circumstances in which economic and social development of Kosovo thrives, education is a challenge, but it is also an opportunity for important and inclusive change.Confident of the key role of education in economic development, the paper puts a special accent on economic benefits of an individual from higher education. Apart from this accent, a summary of empirical studies, which reflect facts and analysis of various countries, on economic benefits of education. Empirical analysis in many countries have shown that the role of education is key in a global competition, where knowledge is the key to success of economy and social development. From this perspective, young and vital population is the most important resource of Kosovo, the relevance of which will be assessed by the knowledge and skills acquired in institutions of higher education, very demanded in the labour market, as an important factor of economic and social change in the country. The results so far have shown that the investment rate of 3.3% of Gross Domestic Product allocated to education (around 6,0% in developed countries) is insufficient for the Kosovo’s economy to compete successfully with economies of other countries, in premises of an already global competition.
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