Quality of Education and Economic Growth – Evidence from Southeast European Countries

Abstract

This study seeks to ascertain the importance of educational quality over quantity in influencing economic growth, with a special focus on Southeast European countries. Traditional approaches have often emphasized the quantity of education, primarily the years of schooling. However, emerging evidence points towards the quality of education, represented by cognitive skills, as a more significant predictor of economic prosperity. The research evaluates global educational datasets that measure both qualitative and quantitative aspects of human capital. A notable emphasis is placed on the Harmonized Learning Outcomes (HLO) database by the World Bank, which reflects educational achievements, serving as a proxy for the quality of human capital.