Economy of education: National and global aspects

Our paper focuses on the national economy of education. We assume that under the current conditions of the globalized world, the economy of education reveals its two-fold nature: on the one hand, it represents an element of the national economic system, and on the other, it is also a structural component of the global education system. Therefore, national economy of education is shaped up by both internal and external factors represented by national and international influences. We analyze here the functional composition and the methods of legal regulation of the economy of education under the conditions and provisions of the global geopolitical transformations. In addition, we use the empirical model of returns to education for showing the factors that impact the employability of young graduates at the labor market. Our results confirm the importance of education for achieving higher levels of income, both nationally and internationally. Finally, we come to the conclusion that its target function consists of the global promotion of national education and consolidation of national competitive position within the world education space.