Education and Labour Market from an Economic Point of View

Education is a complex good, even a fundamental right that fulfils a multitude of functions in all societies. Education helps individuals to develop and improve their self-worth, but it is also an investment both for the individual and for society. This investment character is reflected in better opportunities for employment and incomes to be enjoyed by those who extend their education. Moreover, improving the skills level of the population as such raises overall productivity and competitiveness. For these reasons, the EU considers education and upskilling as a major tool to maintain its competitiveness (Lisbon strategy). Accordingly, the educational system is charged with providing an adequate educational offer in terms of content and quantity for the interested population while securing an adequately trained labour pool for the business sector.