| Abstract [eng] |
This paper analyses the effects that public education expenditure has on the economy of a country through the influence that it has on the educational attainment of the working age population. The findings suggest that the impact of public education expenditure on GDP and quality of life are positive and relatively strong, provided that the educational system is already well developed. Higher education has the strongest effects on the economy, however, public education expenditure is most effectively spent on primary and pre-primary education. This is because, given a high overall quality of the educational system, the most important part of it is the early stages of education, as this is when the educational foundation is created. However, these findings can only be universally applied to developed countries, as most developing countries were removed from the analysis due to insignificant or low quality models. |
