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• W3148632962 abstract "Governments all over the world are striving towards high-skilled and high value economies. Traditional factors of production are no longer considered to be the only contributors to economic development and growth. According to recent theories of development, knowledge has become an important factor for achieving economic development. In order to achieve these goals, a well-educated and highly skilled workforce is necessary. A knowledge economy has increased the demand for a highly educated workforce, especially a workforce with university degree. According to the Lisbon 2020 agenda—the EU development strategy—the EU is striving towards developing a knowledge economy, a sustainable economy based on employment, innovation and education. As Bosnia and Hercegovina (BH adil.kurtic@untz.ba © Springer International Publishing Switzerland 2016 J. Ateljevic, J. Trivic (eds.), Economic Development and Entrepreneurship in Transition Economies, DOI 10.1007/978-3-319-28856-7_6 91 1 Education and Higher Education as a Driver of the Knowledge Economy The relevance of knowledge, innovation and technology for economic growth has significantly increased in the past few decades. The nineteenth century industrial revolution and twentieth century scientific revolution contributed greater importance of knowledge for economic development. Foundations of the knowledge economy can be found in new growth theories during the late 1950s. During this period of time, Drucker (1998a, b) introduced the term ‘knowledge economy’ that emphasised the relevance of knowledge and technology for economic growth and development. New growth theories are based on work by Romer (1989, 1994) or Solow (1956). For example, endogenous growth theory holds that economic growth is primarily generated by endogenous factors such as human capital, innovation and knowledge. The model developed by Romer is considered to be the foundation of the knowledge economy. A knowledge economy is an economy directly based on production, distribution and utilization of knowledge and information as fundamental enablers of growth, wealth creation and employment. Contemporary economies have been undergoing major structural changes and adaption to rules of the knowledge economy, for example output and employment in the ‘high tech’ sector has been increasing in developed economies in the past decade or so. But a knowledge economy cannot be developed without an efficient and modern education system. At the 2012 Bologna Process ministerial Conference (EACEA 2012) it was stated in the Ministerial Communique that “higher education is an important part of the solution to current difficulties. Strong and accountable higher education systems provide the foundations for thriving knowledge societies. Higher education should be at the heart of our efforts to overcome the crisis-now more than ever.” Higher education can contribute to an economy’s increased competitiveness. Higher education has become an important factor of the Lisbon Strategy and Europe 2020 strategy, which are aiming to develop Europe as the world’s most competitive knowledge economy. The education system in a knowledge economy plays a key role in generating conditions for investing in creation and utilization of new knowledge and technologies which are crucial for increasing productivity and achieving economic growth. Many economists emphasise the importance of education, particularly tertiary education in a knowledge economy because of the role of higher education institutions in the creation and transfer of new knowledge. Therefore, OECD countries invest approximately 12 % of their budget into education. A well educated work force with adequate competencies, skills and knowledge is important in a knowledge economy given that changes in work structure have contributed to increased demand for educated workers. Higher education institutions in a knowledge economy are expected to enable the acquisition of knowledge and development of skills needed in the business world. Increased demand for higher educated workers is expected to continue in the future and higher education 92 S. Ðonlagic and A. Kurtic" @default.
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• W3148632962 title "The Role of Higher Education in a Knowledge Economy" @default.
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