| Education became one of the largest sub-system of modern societies in the past century. The role of education is no longer interpreted only as the conveyor of culture, knowledge and values, but it is also attributed a significant role in its contribution to economic development and the promotion of social integration. The development of the theory of the human capital is associated with Theodore W. Schulz. According to his presumptions, the people make investments through education and training that increase their ability to produce, their productivity and thus the market value of their work. There have different explanations created to justify the contribution of education to economic development. The most significant from among them are as follows:... |
