Multivariate Statistical Analysis of the Impact of Educational Input on Economic Growth in the EU

Yubo He

2023

Abstract

This research examines the relationship between government spending on education and economic growth across EU countries from 2010-2020. The study aims to assess whether educational resourcing inputs correlate with economic outputs. The hypothesis is that government expenditure and teaching staff at all levels positively affect gross domestic product(GDP) growth. Quantitative multivariate analysis techniques, including correlation analysis, regression modelling, and autoregressive integrated moving average(ARIMA) time series analysis, were applied to test these associations. The panel dataset comprised spending, staffing and GDP data for 16 countries over 11 years. Results showed a moderate positive correlation between education spending and GDP over time. Regression analysis found spending and secondary teaching staff as significant positive predictors of GDP, explaining 95.8% of the variation.ARIMA models revealed spending as relatively stable with short-term fluctuations. While these results demonstrate essential connections between resources and growth, ongoing analysis should incorporate additional educational inputs, account for country-specific factors, and test more complex relationships. This can provide greater insight into the dynamics between targeted investments in quality, equitably distributed education and the resilience of human capital and economies. Further research building on these initial findings can help guide policy decisions on education budgets.

Paper Citation

in Harvard Style

He Y. (2023). Multivariate Statistical Analysis of the Impact of Educational Input on Economic Growth in the EU. In Proceedings of the 1st International Conference on Data Analysis and Machine Learning - Volume 1: DAML; ISBN 978-989-758-705-4, SciTePress, pages 142-148. DOI: 10.5220/0012801500003885

in Bibtex Style

@conference{daml23,
author={Yubo He},
title={Multivariate Statistical Analysis of the Impact of Educational Input on Economic Growth in the EU},
booktitle={Proceedings of the 1st International Conference on Data Analysis and Machine Learning - Volume 1: DAML},
year={2023},
pages={142-148},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012801500003885},
isbn={978-989-758-705-4},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 1st International Conference on Data Analysis and Machine Learning - Volume 1: DAML
TI - Multivariate Statistical Analysis of the Impact of Educational Input on Economic Growth in the EU
SN - 978-989-758-705-4
AU - He Y.
PY - 2023
SP - 142
EP - 148
DO - 10.5220/0012801500003885
PB - SciTePress