Knowledge, skills, competences and attributes embodied in individuals that facilitate personal, social and economic well-being.
CEDEFOP. 2014. Terminology of European education and training policy. 2nd ed. Luxemburg: Publications Office of the European Union.
Education is now universally recognized as a form of investment in human capital that yields economic benefits and contributes to a country’s future wealth by increasing the productive capacity of its people. Thus expenditure on education can be partially justified in terms of the potential contribution of education to economic growth (Woodhall, 2004: 25).
Woodhall, Maureen. 2004. Cost-benefit analysis in educational planning. Fundamentals of Educational Planning 80. Paris: UNESCO-IIEP.