Page 17 - Azerbaijan State University of Economics

Rza Mammadov, Erdal Gümüş: Secondary Education, Economic Growth and Finance

In the forecasting method, making various samples provides empirical evidence
important for educational policy practitioners. In terms of human capital, although
secondary education is currently costly in public spending in the short term, it is
important in terms of investment in the long term because of the transition to higher
education and participation in the working population. For this reason, it is
recommended that countries concentrate on secondary education and ensure the
participation of especially socio-economically disadvantaged groups. Based on the
findings of the research, allocating a budget to encourage secondary education by
the public can reduce the inequality of opportunity in education. It can also have a
positive impact on the country's economic growth. Thanks to these two effects,
significant increases in human capital stock can be achieved.

In terms of secondary education, it is recommended to examine the effect of school
dropouts on growth. Total education expenditures in GDP can be preferred as the
variable of finance. The relationship between growth and education is may be to be
made on the basis of education indicators of the working population. In general,
research is suggested using different variables and different time series.

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Baltagi, B. H. (2011). “Econometrics”, New York: Springer.
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Barro, R. J. (1990). “Government spending in a simple model of endogenous
growth”, Journal of Political Economy, 98 (5), 103-125. doi:10.1086/261726.
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Becker, G. S. (1964) “Human Capital: A Theoretical and Empirical Analysis, with
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