Abstract:
In the era of knowledge education is the primary factor of social and economic development of countries of the world, thanks to the effects it has on the productivity of factors of production and transaction costs. Transaction costs are subordinated to a country specific quality of formal and non-formal institutions that are promoted through the values formed within the education system. Promotion of democratic values and increasing prudence citizens against corrupt officials of a country and people who commit crimes, which depend largely on the level of education will determine the ability of countries aces capitalize on the economic potential available.
