Description
Title: Empirical Study of Education’s Effect on Economic Growth
Abstract: For economic growth to be sustainable, education is essential. As a result, both researchers and decision-makers are very interested in public spending on education. Depending on the country’s level of development, different channels through which education influences economic growth exist. The purpose of this study is to evaluate how public spending on education has affected North Macedonia’s economic development. The information used comes from secondary sources and was derived from World Bank Indicators for the years 1917 to 2020. In this study, an Instrumental Variable Two-Stage Least Square econometric model was used. Gross Domestic Product is the dependent variable in the model, and the labor force participation rate, gross capital formation, unemployment, industry, wages, and employment, as well as information and communication technology, are the independent variables. Tertiary enrollment is the instrumented variable in the model. According to this study, a one-point increase in government spending on education will have a positive impact on North Macedonia’s economic growth. The study also demonstrates that in North Macedonia, a one-point increase in unemployment and a one-point decrease in employment will both increase economic growth. These two findings, which defy theoretical and empirical approaches, demonstrate the misalignment of the labor market in North Macedonia’s real occupation supply and demand.
Keywords: education; public expenditures; skilled labor force; economic growth; 2SLS regression
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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