Title: Education and sustainable economic growth - a theoretical approach of measuring efficiency in education

Authors: Charalambos N. Louca; Aliki Demosthenous

Addresses: American College, P.O. Box 22425, 1521 Nicosia, Cyprus ' Department of Geography, University of Aegean, University Hill, Mytilene 81100, Lesvos, Greece

Abstract: This paper underpins the discussion around the theories of measuring efficiency in education, arising from the fact that education and human capital contribute to economic growth. The regional economic growth is directly related to the efficient and effective education of the human resources as well as to the efficient investments in human capital. The socio-economic and cultural dimensions of education as well as the contribution of education and human capital to economic growth are discussed. Also, different models in the theory of human capital are presented. The paper ends up by discussing the stochastic non-parametric envelopment of data (StoNED), as a method of productive efficiency analysis, and its branches, the non-parametric data envelopment analysis (DEA) and the parametric stochastic frontier analysis (SFA).

Keywords: data envelopment analysis; DEA; parametric SFA; stochastic frontier analysis; efficiency measurement; educational efficiency; economic growth; human capital; socio-economic dimensions; cultural dimensions; education.

DOI: 10.1504/IJSAMI.2015.074608

International Journal of Sustainable Agricultural Management and Informatics, 2015 Vol.1 No.3, pp.235 - 246

Received: 01 May 2015
Accepted: 20 May 2015
Published online: 08 Feb 2016 *

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