ECONOMICS ANALYSIS OF EDUCATION PROCESS IN DEVELOPMENT

In addition to physical capital, human capital is an important factor affecting growth and development process. Towards the end of the 1980s, the theory of internal growth emerged as a result of the rejection of the theory of convergence proposed by neo-classical economists. The internal growth theories take into account the human capital variable, which is considered to be one of the factors affecting economic growth. In this study, it has been concluded that investments in factors such as education, health and R & D expenditures affecting the level of investment in human affect the economic growth. In this study, an analysis was conducted on the countries participating in the exam in order to determine the relationship between the TIMMS and PISA test scores, which are the exams of the countries where the change in education expenditures took place internationally. Maths and science scores were taken from the educational investments of the countries for secondary education and for the TIMMS exam in 1995-2015. In addition, PISA exam, 2000-2015 years, reading, science and math exam scores were taken in the generalized least-squares method of random effect panel data model was used. In the PISA and TIMMS examinations, it was found that the countries were statistically insignificant between the economic growth and the quality of education and the results were statistically significant