Investment in Education as a Way of Overcoming the Problem of Information Asymmetry in the Labor Market

Vuksanović, Nemanja; Aleksić, Dragan

doi:10.1515/ethemes-2017-0021

Cited by 3 publications

(3 citation statements)

References 17 publications

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“…on the held position, financial situation or simply remuneration. From the point of view of human capital, it is education that translates into an increase in an employee's productivity, which in microeconomic terms should translate into an increase in their income, because the entrepreneur should naturally assess the employee's productivity (Vuksanović & Aleksić, 2017). Higher education also brings other benefits, such as the opportunity to work in professions for which specialized knowledge is required.…”

Section: The Role Of Education In Economic Developmentmentioning

confidence: 99%

On the effectiveness of remuneration of public universities’ lecturers in Poland

Kubiczek

2023

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RESEARCH OBJECTIVE: The aims of this article are: (1) to define the role of remuneration of academic staff in shaping human capital; (2) to present the dynamics of changes in the remuneration of lecturers in Poland and its comparison with changes in the minimum wage, economic growth and the inflation rate; (3) to propose a model of changes in the minimum wage of a professor as a function of changes in the minimum wage. THE RESEARCH PROBLEM AND METHODS: In order to ensure the proper level of training of academic staff, it is necessary to implement a remuneration system to attract and retain the best staff. To that end method of analysis and logical construction was used, which allowed to present a method for optimization of remuneration of academic staff in Poland. THE PROCESS OF ARGUMENTATION: The insufficient funding in Polish higher education was identified, especially the low-level of salaries of academic staff in relation to the their high responsibility. Then, the dynamics of change of professor’s minimum wage, the national minimum wage, the GDP, and the CPI were analyzed and compared. On these basis, a model for remuneration of academic staff in Poland was proposed. RESEARCH RESULTS: The results showed that the minimum wage of a professor in 2012–2023 grew slower than the minimum wage on average, and in 2023 it is approximately twice as high as the minimum wage. As a solution to the problem of determining the professor’s remuneration, the article proposes a model that will transparently determine the change on an annual basis. CONCLUSIONS, INNOVATIONS, AND RECOMMENDATIONS: With regard to higher education, an appropriate remuneration system allows for the creation of academic staff that guarantees high-quality education in all aspects, i.e. theoretical knowledge, practical knowledge and cognitive skills.

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Section: The Role Of Education In Economic Developmentmentioning

confidence: 99%

On the effectiveness of remuneration of public universities’ lecturers in Poland

Kubiczek

2023

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“…Главни разлог за то може се пронаћи у развоју нових технологија и све већој примени знања у свим аспектима производних и услужних делатности (Merenkov & Artem, 2017). Улагања у образовање сматрају се све важнијим за укупно богатство привреда, али и продуктивност појединаца (Vuksanović, Joksimović, Aleksić, 2018;Vuksanović & Aleksić, 2017).…”

Section: промене на тржишту радаunclassified

“…The main reason for this can be found in the development of new technologies and the increasing application of knowledge to all aspects of production and service activities (Merenkov & Artem, 2017). Investments in education are considered increasingly important for the total wealth of economies, but so is the productivity of individuals (Vuksanović, Joksimović, Aleksić, 2018, Vuksanović & Aleksić, 2017.…”

Section: Changes In the Labor Marketmentioning

confidence: 99%

Young people and mental health in the risk society: The impact of labor market insecurity

Mojić¹,

Jeličić²

2019

Sociološki pregled

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The paper analyses the impact of labor market insecurity on mental health of young people in contemporary societies. This insecurity has been viewed as a part of new risks in the (global) risk society. Difficult transitions to adulthood have been mostly characterized by hardships in transition from education to employment. Relative employment security and "standard" careers of previous generations have been replaced by delayed, fragmented and diversified education-to-work life pathways. Imposed individualization in the circumstances of scarce and unevenly distributed resources can often affect the mental health of young people.

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School to work transition in Serbia: Returns to investment in education of youth

Vuksanović¹,

Joksimović²,

Aleksić³

2018

Industrija

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The subject of the paper is estimation of a rate of return to investment in education of youth in Serbia. The aim of the paper is to determine, on the basis of the data from the School to Work Transition Survey (SWTS) from 2015, a premium for the education of persons from 15 to 29 years old. A rate of return to investment in education for youth is estimated using the least squares method and using the instrumental variables method. As the instruments for a variable that refers to the number of years of education were used a father's level of education and a mother's level of education.The results of the assessment using the least squares method indicate that a rate of return to investment in education for youth in Serbia is 5.2%. The value of the coefficient in the case of evaluation by the instrumental variables method is twice as big as in the case of the least squares method. It is confirmed that in the case of the assessment using the least squares method we get a biased assessment. This result also suggests that schooling of children in Serbia continues to serve as a family characteristic, and informs that the education system in Serbia cannot provide a fair access to schooling for those children coming from socioeconomic vulnerable families.

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Investment in Education as a Way of Overcoming the Problem of Information Asymmetry in the Labor Market

Cited by 3 publications

References 17 publications

On the effectiveness of remuneration of public universities’ lecturers in Poland

On the effectiveness of remuneration of public universities’ lecturers in Poland

Young people and mental health in the risk society: The impact of labor market insecurity

School to work transition in Serbia: Returns to investment in education of youth

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