Economic education and science as the basis of innovative growth

• Published in: Sot͡s︡ialʹno-ekonomichni problemy i derz͡h︡ava Vol. 25; no. 2; pp. 474 - 481
• Main Authors: Levytskyi, Vitalii, Radynskiy, Serghiy, Dyachun, Olga
• Format: Journal Article
• Language: English
• Published: 2021
• ISSN: 2223-3822; 2223-3822
• DOI: 10.33108/sepd2022.02.474

The article reflects the role and importance of education and science in the aspect of innovative growth. In this research it is noted that the role of education and science as a factor of economic growth is to increase both individual and social productivity through the acquisition of knowledge and skills. It is noted that the significant role of education and science in the development of society is noted in the works of many famous scientists, starting from the classical school. Well-known positions of W. Petty, A. Smith, D. Ricardo and other prominent scientists on the importance of education in the training of skilled labor. According to the theory of "human capital", knowledge, skills and other human abilities are capital, and the cost of education, training of labor in production are investments that form this capital. Proponents of this theory assumed that the work of an educated person is more productive, which indicates an increase in national wealth due to the cost of education. According to estimates by Western and domestic economists, almost a third of the growth of gross domestic product in the developed world is now provided by investment in education and science. It is studied that the development of the world economy at the present stage in the context of globalization is characterized by the intensification of the process of intellectualization and the formation on this basis of a society based on knowledge and high technology, high innovation and intellectual level. The trends increasing role of education and science in the economic development of society are identified. Highlighted the institutional linkages between education and science and the subject of their relationship. Theoretical and conceptual bases are investigated and methodological tools are developed for the formation of the knowledge economy in Ukraine. This takes the development of the economy knowledge is considered in terms of its three main components: innovation, education and information and communication technologies, the comprehensive development of which is capable to ensure a high level of state competitiveness. The conclusion about the increasing role of education and science in the development of society, accompanied by continuous changes in the content of scientific and educational activities, scales of its distribution and impact on other areas of life.