Proceedings of the 3rd European Conference on Intellectual Capital

Marta-Christina Suciu et al.
<strong>of</strong> demand <strong>of</strong> <strong>the</strong> labour market. The economic education supply is strictly determined by <strong>the</strong>
decisions <strong>of</strong> central authorities, in dimension and distribution. The dimension is established according
to school population, eliminating competition, as <strong>the</strong> beneficiaries are selected based on <strong>the</strong> territory
criterion. Also, secondary and upper-secondary educations are financed by <strong>the</strong> state; <strong>the</strong>refore <strong>the</strong>
supply is inelastic with respect to price. The structure <strong>of</strong> <strong>the</strong> supply is homogenous, starting from 1
class/week in <strong>the</strong> 3 rd class up to 8 th class, but <strong>the</strong> number can increase through interdisciplinary
activities.
The demand <strong>of</strong> economic education is represented by pupils, especially high-school ones, and no
matter <strong>the</strong> specialization <strong>of</strong> <strong>the</strong> education institution, with an amplified demand in institutions where
beneficiaries selected optional courses in this field (Lăcătuş, M.L. 2008).
In post-secondary and tertiary education economic education is related to <strong>the</strong> specialization <strong>of</strong> <strong>the</strong>
studies. Never<strong>the</strong>less all those attending courses at this stage are required to have obtained a
baccalaureate diploma, certifying a minimum <strong>of</strong> knowledge.
3.2 Intellectual capital investments
The connection between investing in human capital and improvements <strong>of</strong> productivity is an essential
aspect <strong>of</strong> our study.
Initial research, mostly <strong>the</strong>oretical, define <strong>the</strong> relation between human capital and economic growth,
namely <strong>the</strong> GDP/capita evolution, <strong>the</strong> characteristics <strong>of</strong> <strong>the</strong> model, while <strong>the</strong> current trend focuses on
testing <strong>the</strong> assumptions using empirical data at large scale ( Sianesi and Van Reenen (2000) and
Temple (2000) studies; Wilson, R. A., Briscoe, G. 2004). The relation is valid as macroeconomic level,
e.g. Solow Growth Model. All models show that higher human capital and education investments
increase productivity, <strong>the</strong>refore economic growth. The two studies, Sianesi and Van Reenen, summed
up <strong>the</strong>ir findings: 1% augment in school conscription rate can determine a 1% to 3% increase in <strong>the</strong>
GDP/capita growth; one more year <strong>of</strong> secondary education points to over 1% boost in terms <strong>of</strong>
economic growth (Wilson, R. A., Briscoe, G. 2004).
In Romania, investments in human capital were influenced by <strong>the</strong> economic and political realities. If
<strong>the</strong> system was under centralized control during <strong>the</strong> Communist regime, after 1989 <strong>the</strong> economy was
liberalised and as <strong>the</strong> integration process began it changed.
Competition became fierce; human capital had to be perceived and evaluated through at least two
different lenses: quantity and quality. This is one <strong>of</strong> <strong>the</strong> explanations why Romania had occupied a
low position as indicated by <strong>the</strong> Human Development Index before <strong>the</strong> integration process started.
However, in <strong>the</strong> following years Romania had better results though far from <strong>the</strong> set standards.
According to <strong>of</strong>ficial statistical data, in 2005 only 1.6% <strong>of</strong> <strong>the</strong> adult population attended training
courses, far behind <strong>the</strong> <strong>European</strong> mean.
Currently, <strong>the</strong> strong economic crisis imposed severe measures with negative impact in <strong>the</strong> long run
as spending and investments in education and research were seized in 2009-2010, without
encouraging signals for next year. The solely positive aspect is related to <strong>the</strong> challenge mentioned in
<strong>the</strong> first chapter, <strong>the</strong> migration phenomenon. Romania may face a return on human capital previous
investment as many Romanians decide to return home because <strong>of</strong> high level <strong>of</strong> unemployment and
shrinkage <strong>of</strong> foreign labour markets. Therefore <strong>the</strong> national economy gains skills, competencies and
trained labour force, a great help in overcoming <strong>the</strong> crisis.
Everything has to be considered at macroeconomic level as it is a clear connection between growth
rates and human capital accumulation. Only strong investments in education are <strong>the</strong> way for <strong>the</strong>
economy to recover and to reach a sustainable economic growth.
4. Intellectual capital measurement
4.1 Choose <strong>the</strong> right instrument
The business world today needs new tools and coordinates to enrol in <strong>the</strong> New Economy. Different
than a traditional economy, <strong>the</strong> knowledge economy raises many problems in establishing <strong>the</strong>
measurement unit while considering transactions with services, experiences or ideas.
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