Have a personal or library account? Click to login
The Socio-Economic Costs of Underfunding Education. A Multi-Country Case Study Approach Cover

The Socio-Economic Costs of Underfunding Education. A Multi-Country Case Study Approach

Open Access
|Jul 2025

References

  1. Benos, N. and S. Zotou (2014). Education and Economic Growth: A Meta-Regression Analysis, <em>World Development</em>, Vol. 64, pp. 669-689, <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.worlddev.2014.06.034" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.worlddev.2014.06.034</a>">https://doi.org/10.1016/j.worlddev.2014.06.034</ext-link>.
  2. Bradley, S. and C. Green (eds.) (2020). <em>The Economics of Education - A Comprehensive Overview</em>, <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://www.elsevier.com/books/the-economics-of-education/bradley/978-0-12-815391-8">https://www.elsevier.com/books/the-economics-of-education/bradley/978-0-12-815391-8</ext-link>.
  3. Brunello, G., De Paola, M.D. (2014). The costs of early school leaving in Europe. <em>IZA J Labor Policy</em> 3, 22. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1186/2193-9004-3-22" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1186/2193-9004-3-22</a>">https://doi.org/10.1186/2193-9004-3-22</ext-link>
  4. Brunello, G., Fort, M., Schneeweis, N., Winter-Ebmer, R. (2011). The causal effect of education on health. What is the role of health behaviors?. IZA Discussion Paper No.5944, Institute for the Study of Labor (IZA), Bonn. Retrieved from: <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://nbn-resolving.de/urn:nbn:de:101:1-201109288874">https://nbn-resolving.de/urn:nbn:de:101:1-201109288874</ext-link>
  5. Burja, C., Burja, V. (2013). Education’s Contribution to Sustainable Economic Growth in Romania. <em>Procedia - Social and Behavioral Sciences,</em> 81 (2013) 147-151. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.sbspro.2013.06.403" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.sbspro.2013.06.403</a>">https://doi.org/10.1016/j.sbspro.2013.06.403</ext-link>
  6. Carillo, M. F. (2024). Human capital composition and long-run economic growth. <em>Economic Modelling</em>, 137, 106760. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.econmod.2024.106760" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.econmod.2024.106760</a>">https://doi.org/10.1016/j.econmod.2024.106760</ext-link>
  7. De La Maisonneuve, C., B. Egert and D. Turner (2022). “Quantifying the macroeconomic impact of COVID-19-related school closures through the human capital channel”, <em>OECD Economics</em> <em>Department Working Papers </em>1729. Retrieved from: <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=ECO/WKP(2022)30&amp;docLanguage=en">https://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=ECO/WKP(2022)30&amp;docLanguage=en</ext-link>
  8. Diakodimitriou, D., Tsioutsios, A., &amp; Papageorgiou, T. (2025). Education expenditures and growth: Is R&amp;D the link? <em>Journal of Policy Modeling.</em> Advance online publication. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.jpolmod.2025.01.003" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.jpolmod.2025.01.003</a>">https://doi.org/10.1016/j.jpolmod.2025.01.003</ext-link>
  9. Eurostat (2021). <em>Life expectancy by age, sex and educational attainment level</em>, Retrieved from: <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://appsso.eurostat.ec.europa.eu/nui/submitViewTableAction.do">https://appsso.eurostat.ec.europa.eu/nui/submitViewTableAction.do</ext-link>.
  10. Égert, B., C. de la Maisonneuve and D. Turner (2022). “A new macroeconomic measure of human capital exploiting PISA and PIAAC: Linking education policies to productivity”<em>, OECD</em> <em>Economics Department Working Papers</em>, No. 1709, OECD Publishing, Paris. Retrieved from: <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1787/a1046e2e-en" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1787/a1046e2e-en</a>">https://doi.org/10.1787/a1046e2e-en</ext-link> .
  11. Hanushek, E. and L. Woessmann (2021). “Education and Economic Growth”, in <em>Oxford Research Encyclopedia of Economics and Finance</em>, Oxford University Press,<em> </em><ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1093/acrefore/9780190625979.013.651" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1093/acrefore/9780190625979.013.651</a>">https://doi.org/10.1093/acrefore/9780190625979.013.651</ext-link> .
  12. Ion, I. (2013). Education in Romania - How Much is it Worth? <em>Romanian Journal of Economic Forecasting</em>, Vol. 1, pp. 149-163. Retrieved from: <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://ideas.repec.org/a/rjr/romjef/vy2013i1p149-163.html">https://ideas.repec.org/a/rjr/romjef/vy2013i1p149-163.html</ext-link>
  13. Jepsen, C., &amp; Montgomery, M. (2012). Back to school: An application of human capital theory for mature workers. <em>Economics of Education Review</em>, 31(1), 168–178. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.econedurev.2011.10.005" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.econedurev.2011.10.005</a>">https://doi.org/10.1016/j.econedurev.2011.10.005</ext-link>
  14. Neagu, O. (2012). Measuring the Effects of Human Capital on Growth in the Case of Romania. <em>Annals of “Dunărea de Jos” University of Galaţi</em>. Fascicle I Economics and Applied Informatics, No. 1/2012, pp.83-92, 15.
  15. OECD (1998), Human Capital Investment: An International Comparison. Paris: OECD Publishing. Retrieved from: <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://core.ac.uk/reader/25703840">https://core.ac.uk/reader/25703840</ext-link> .
  16. OECD (2021). <em>OECD Skills Outlook 2021: Learning for Life</em>, OECD Publishing, Paris, <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1787/0ae365b4-en" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1787/0ae365b4-en</a>">https://doi.org/10.1787/0ae365b4-en</ext-link> .
  17. OECD (2022a). <em>OECD Economic Outlook, Interim Report September 2022: Paying the Price of War</em>, OECD Publishing, Paris. Retrieved from: <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1787/ae8c39ec-en" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1787/ae8c39ec-en</a>">https://doi.org/10.1787/ae8c39ec-en</ext-link>
  18. OECD (2022b). <em>Value for Money in School Education: Smart Investments, Quality Outcomes,</em> <em>Equal Opportunities</em>, OECD Publishing, Paris, <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1787/f6de8710-en" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1787/f6de8710-en</a>">https://doi.org/10.1787/f6de8710-en</ext-link> .
  19. Thomas, M., Burnett, N. (2013). Exclusion from education: the economic cost of out of school children in 20 countries. Educate a Child, Results for Development. Retrieved from: <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://educateachild.org/sites/default/files/attachments/R4D_EAC_smallres.pdf">https://educateachild.org/sites/default/files/attachments/R4D_EAC_smallres.pdf</ext-link>
  20. Varly, P., Iosifescu, C. Ș., Fartușnic, C., Costache, L. (2014). <em>The cost of insufficient investment in Romanian education: final report for UNICEF</em>. Buzău: Alpha MDN. Retrieved from: <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://www.refernet.ro/docs/cercetare/Costul-investitiei-insuficiente-ineducatie_2014.pdf">https://www.refernet.ro/docs/cercetare/Costul-investitiei-insuficiente-ineducatie_2014.pdf</ext-link> .
  21. Welch, F. (1970). “Education in Production”, <em>Journal of Political Economy</em>, Vol. 78/1, pp. 35-59, <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1086/259599" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1086/259599</a>">https://doi.org/10.1086/259599</ext-link> .
  22. Yuan, F., &amp; Zhang, P. (2024). Are natural resources, sustainable growth, and entrepreneurship matter endogenous growth theory? The strategic role of technical progress. <em>Resources Policy,</em> 96, 105189. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.resourpol.2024.105189" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.resourpol.2024.105189</a>">https://doi.org/10.1016/j.resourpol.2024.105189</ext-link>
Language: English
Page range: 3347 - 3359
Published on: Jul 24, 2025
Published by: The Bucharest University of Economic Studies
In partnership with: Paradigm Publishing Services
Publication frequency: 1 times per year

© 2025 Alexandra Ioana Murariu, Alexandra Constantin, Radu Alexandru Budu, Bogdan Mihai Frăţilă, published by The Bucharest University of Economic Studies
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.