The Economy of Education: Development, Challenges, and Prospects in Bosnia and Herzegovina

Izet Karić  Pandza; Mehmet  Hrebatć

doi:10.47766/idarah.v7i2.1667

Authors

Izet Karić Pandza Faculty of Islamic Science, University of Sarajevo, Bosnia and Herzegovina
Mehmet Hrebatć Faculty of Islamic Science, University of Sarajevo, Bosnia and Herzegovina https://orcid.org/0000-0002-9270-7403

DOI:

https://doi.org/10.47766/idarah.v7i2.1667

Keywords:

Economy of Education, Strategic Policy Factors, Pillars of the Knowledge Economy, Internationally-Recognized Education

Abstract

The economy of education is understood as a financial transaction and a social investment with broad and sustainable effects (development of national civilization). This research aims to provide a brief overview of the development of the economy of education, highlight relevant literature, and discuss the problems and opportunities it offers. This research aims to identify critical factors in BiH's education economy that influence the country's educational development and economic growth. This research is qualitative and uses benchmarking. The research results explain the identification of several crucial factors in the economic pillars of education, i.e., government policy, the level of educators' welfare, education and training, information and communication technology (ICT), and research and development. Based on these findings, this research constructs measures and strategies to improve the development of the educational knowledge economy in Bosnia and Herzegovina. In addition to strategic policy factors, analyzing factors influencing the economic effectiveness of education in Bosnia and Herzegovina identified important elements such as fantastic location, cost-efficient education, internationally recognized education, and several interesting and contemporary study program options. The synergy between components in the education system results in educational excellence in quality and accessibility. A comprehensive and diverse education system prepares students for successful careers. An inclusive and multilingual environment encourages diversity and professional skills.

References

Banović, D., Gavrić, S., & Barreiro Mariño, M. (2021). The Political System of Bosnia and Herzegovina. Springer International Publishing. https://doi.org/10.1007/978-3-030-54387-7

Belitski, M., & Heron, K. (2017). Expanding Entrepreneurship Education Ecosystems. Journal of Management Development, 36(2), 163–177. https://doi.org/10.1108/JMD-06-2016-0121

Bhasin, B. B., & Venkataramany, S. (2010). Globalization Of Entrepreneurship: Policy Considerations For SME Development In Indonesia. International Business & Economics Research Journal (IBER), 9(4). https://doi.org/10.19030/iber.v9i4.557

Bieber, F. (2018). Patterns of Competitive Authoritarianism in the Western Balkans. East European Politics, 34(3), 337–354. https://doi.org/10.1080/21599165.2018.1490272

Darmanto, S., & Pujiarti, E. S. (2020). Developing Student’s Social Entrepreneurial Intention. Management Science Letters. https://doi.org/10.5267/j.msl.2019.10.032

Efendic, A., Kovac, D., & Shapiro, J. N. (2023). Exposure to Conflict, Migrations and Long-run Education and Income Inequality: Evidence from Bosnia and Herzegovina. Defence and Peace Economics, 34(8), 1003–1017. https://doi.org/10.1080/10242694.2022.2100572

Ershova, I., & Solodiankina, I. (2021). Regional Human Capital Development Management in the Process of Globalization. SHS Web of Conferences, 92, 02017. https://doi.org/10.1051/shsconf/20219202017

Fahmi, F. Z., McCann, P., & Koster, S. (2017). Creative Economy Policy in Developing Countries: The Case of Indonesia. Urban Studies, 54(6), 1367–1384. https://doi.org/10.1177/0042098015620529

Figurek, A., Abebe, S. T., Goncharuk, A. G., Iortyom, E. T., Vaskovic, U., & Cirella, G. T. (2021). Quality Assurance in Higher Education: Empirical Evidence from Bosnia and Herzegovina. https://doi.org/10.20944/preprints202105.0532.v1

Figurek, A., Goncharuk, A., Shynkarenko, L., & Kovalenko, O. (2019). Measuring the Efficiency of Higher Education: Case of Bosnia and Herzegovina. Problems and Perspectives in Management, 17(2), 177–192. https://doi.org/10.21511/ppm.17(2).2019.13

Heaton, S., Siegel, D. S., & Teece, D. J. (2019). Universities and Innovation Ecosystems: a Dynamic Capabilities Perspective. Industrial and Corporate Change, 28(4), 921–939. https://doi.org/10.1093/icc/dtz038

Hill, K. (2011). Possibilities for Social Cohesion in Education: Bosnia-Herzegovina. Peabody Journal of Education, 86(2), 155–170. https://doi.org/10.1080/0161956X.2011.561179

Jović, D. (2022). Post-Yugoslav States Thirty Years after 1991: Unfinished Businesses of a Fivefold Transition. Journal of Balkan and Near Eastern Studies, 24(2), 193–222. https://doi.org/10.1080/19448953.2021.2006007

Kochetkov, D. M., Larionova, V. A., & Vukovic, D. B. (2017). Entrepreneurial Capacity of Universities And Its Impact on Regional Economic Growth. Economy of Region, 477–488. https://doi.org/10.17059/2017-2-13

Komatsu, T. (2021). Institutionalist Perspectives on the Dynamics of Post-Conflict Education Reforms in Bosnia and Herzegovina. Comparative Education, 57(4), 519–537. https://doi.org/10.1080/03050068.2021.1982554

Kurti, A. (2012). Determining Key Factors for Knowledge Economy. Management, Knowledge and Learning, 413–421.

Magala, S. J., & Liñán, F. (2015). Recognizing Patterns of Organizational Change after Flexible Individualization. Journal of Organizational Change Management, 28(2). https://doi.org/10.1108/JOCM-01-2015-0010

Markovic, N., Bokonjic, D., & De Lepeleer, G. (2021). Development and Implementation of Internationalization in Bosnia and Herzegovina Higher Education. International Journal of Educational Management, 35(6), 1263–1276. https://doi.org/10.1108/IJEM-01-2021-0002

Masduki. (2017). Political Economy of Sport Broadcasting: Assessing Indonesian PSB Policy in Sport Broadcasting. International Communication Gazette, 79(2), 162–174. https://doi.org/10.1177/1748048516689196

McMullen, J. S. (2015). Entrepreneurial Action. In Wiley Encyclopedia of Management (pp. 1–2). John Wiley & Sons, Ltd. https://doi.org/10.1002/9781118785317.weom030026

Milovanović, D. (2022). The Influence of Corporate Restructuring on the Economic Development of Bosnia and Herzegovina. Journal of Balkan and Near Eastern Studies, 24(4), 682–695. https://doi.org/10.1080/19448953.2022.2037860

Ochieng, H. K., & Yeonsung, C. (2021). Political Economy of Education: Assessing Institutional and Structural Constraints to Quality and Access to Education Opportunities in Tanzania. SAGE Open, 11(3), 215824402110472. https://doi.org/10.1177/21582440211047204

OECD. (2021). Education at a Glance 2021. OECD. https://doi.org/10.1787/b35a14e5-en

Prasetyo, M. A. M., Novita, M., & ... (2022). Entrepreneurial Based University: Case Study Approach. Journal of Economics Education and Entrepreneurship, 3(2), 84–97. https://doi.org/10.20527/jee.v3i2.5039

Ranjan, P., & Panda, P. K. (2022). Pattern of Development Spending and Its Impact on Human Development Index and Gross State Domestic Product in Low-income States in India. Journal of Development Policy and Practice, 7(1), 71–95. https://doi.org/10.1177/24551333211047358

Rashid, L. (2019). Entrepreneurship Education and Sustainable Development Goals: A literature Review and a Closer Look at Fragile States and Technology-Enabled Approaches. Sustainability, 11(19), 5343. https://doi.org/10.3390/su11195343

Rizvanovic, A., & Efendic, A. (2021). The Effect of Education on Earnings in a Post-Conflict Economy: Evidence from Bosnia and Herzegovina. Financial Internet Quarterly, 17(2), 1–15. https://doi.org/10.2478/fiqf-2021-0008

Šimundža, A., Knez-Riedl, J., & Čančer, V. (2016). The Influence of Social Entrepreneurship on The Increase of Social Inclusion in Bosnia and Herzegovina. Innovative Issues and Approaches in Social Sciences, 9(1), 208–230. https://doi.org/10.12959/issn.1855-0541.IIASS-2016-no1-art11

Solesvik, M. Z. (2013). Entrepreneurial Motivations and Intentions: investigating the Role of Education Major. Education + Training, 55(3), 253–271. https://doi.org/10.1108/00400911311309314

Suleimankadieva, A., Petrov, M., & Kuznetsov, A. (2021). Digital Educational Ecosystem as a Tool for the Intellectual Capital Development. SHS Web of Conferences, 116, 00060. https://doi.org/10.1051/shsconf/202111600060

Tymon, A. (2013). The Student Perspective on Employability. Studies in Higher Education, 38(6), 841–856. https://doi.org/10.1080/03075079.2011.604408

Wang, Y., & Liu, S. (2016). Education, Human Capital and Economic Growth: Empirical Research on 55 Countries and Regions (1960-2009). Theoretical Economics Letters, 06(02), 347–355. https://doi.org/10.4236/tel.2016.62039

Williams, N., Plakoyiannaki, E., & Krasniqi, B. A. (2023). When Forced Migrants Go Home: The Journey of Returnee Entrepreneurs in the Post-conflict Economies of Bosnia Herzegovina and Kosovo. Entrepreneurship Theory and Practice, 47(2), 430–460. https://doi.org/10.1177/10422587221082678

Zumbach, J., Bernstein, D. A., Narciss, S., & Marsico, G. (Eds.). (2023). International Handbook of Psychology Learning and Teaching. Springer International Publishing. https://doi.org/10.1007/978-3-030-28745-0