THE LINK BETWEEN EDUCATION AND THE STATE OF THE LABOUR MARKET IN HUNGARY

Education became one of the largest sub-system of modern societies in the past century. The role of education is no longer interpreted only as the conveyor of culture, knowledge and values, but it is also attributed a significant role in its contribution to economic development and the promotion of social integration. The development of the theory of the human capital is associated with Theodore W. Schulz. According to his presumptions, the people make investments through education and training that increase their ability to produce, their productivity and thus the market value of their work. There have different explanations created to justify the contribution of education to economic development. The most significant from among them are as follows: education has got a direct impact of increasing productivity (theory of the human capital); employees of higher qualification levels participate in non-the-job further training courses in higher proportions, which also increases productivity; investment in the human capital is an alternative of consumption, as educational expenses are not usually covered from savings.