EDUCATION IS A RETURNABLE INVESTMENT FOR BOTH INDIVIDUALS AND THE WHOLE SOCIETY

Abstract

The latest analyses done by the OECD based on many years of experience show very clearly that education plays an important role in economic growth. It has been proved that the last one year of education plus results in an annual production increase of 4–7 per cent per person. It means that raising the share of university educated people in a society is one of the essential conditions for its prosperity even at the cost of introducing tuition fees.