Private and budgetary return on investment in secondary and higher education in Poland – A case study.

It is generally accepted that social and economic development is largely driven by human capital, which – to a large extent – depends on education. The skills and knowledge acquired in the process of education give rise to new services of improved quality. Hence, it can be assumed that education improves productivity. And it is the level of remuneration that is closely related to productivity, taking into account market conditions. The main objective of this paper is to demonstrate the correlation among education, the level of remuneration and the private and budgetary rate of return on investment in secondary and higher (tertiary) education. The authors have assumed the following research hypotheses: 1) remuneration is correlated with education level, 2) the return on investment in education depends on a given occupation and education level. An indicator method was used to determine the private and budgetary return on investment in education. The conducted analyses confirm that investment in the development of knowledge and qualifications are profitable both from the point of view of an individual as well as in terms of budgetary expenditure. In the research presented, private outlays were analysed in terms of the private rate of return on investment in education, while budgetary expenditures - by the budgetary rate of return on investment in education. [ABSTRACT FROM AUTHOR]