Education, Quality of Human Capital and Information Society
The phenomenon that has the most distinct capability in terms of determining the Total Factor Productivity is education and related to education, the quality of human capital and the approach to the phenomenon of Information Society. Education, in the context of both the scope and the quality of the education, has the power to determine the productivity of all the production factors beginning with the labour force. All the dimensions of education; from preschool education to lifelong learning, from the share of education expenditure in the budget to the training of the trainers, confront us as the elements directly affecting the Total Factor Productivity.
The phenomenon that generalises and develops the education-productivity relationship is that of “Information Society”. Information society plays a critical role in maintaining an increase in productivity via offering opportunities for producing, processing and storing information, sharing and easy access, efficient use in decision making processes, new organisational structures and the formation of work processes and access to new markets. Economies that produce science and technology, use information and technology as an efficient tool and that produce more value with decision making processes based on information explicitly achieve more success in global competition.