ECONOMICS OF EDUCATION IN THE PROCESS OF GLOBALIZATION

Tamari Beridze E-mail: [email protected] Professor, Georgian Technical University Tbilisi, Georgia https://orcid.org/0009-0007-7052-647X Medea Chelidze E-mail: [email protected] Professor, Georgian Technical University Tbilisi, Georgia https://orcid.org/0000-0002-3686-4201 Lika Beridze E-mail: [email protected] Professor, Georgian Technical University Tbilisi, Georgia https://orcid.org/0009-0003-6847-152X Tamari Devidze E-mail: [email protected] Assoc. Professor, Georgian Technical University Tbilisi, Georgia https://orcid.org/0009-0002-8321-5885 Bella Goderdzishvili E-mail: [email protected] Assoc. Professor, Georgian Technical University Tbilisi, Georgia https://orcid.org/0009-0005-7650-5712 Abstract: The Economics of Education in a Globalized World examines how global integration affects the supply and demand, outcomes, and performance of education systems around the world. In a globalized economy, it examines the role of education in national economic development, labor market dynamics, and the realization of individual capabilities. Education increases the productivity of societies and, consequently, economic growth. Globalization creates a competitive market for talent. Leading countries attract skilled professionals from developing countries (the “brain drain”), which creates problems for countries that are losing their skilled labor force. Developing countries often face difficulties in providing knowledge, leading to unequal conditions in education. Globalization of markets may exacerbate this imbalance, as countries with high-quality education systems will prosper even more. The rise of digital platforms and global access to information have facilitated cross-border learning and the internationalization of educational programs. However, this has led to a mismatch between the skills taught in national education systems and the skills required by the global market. In a globalized and rapidly changing world, the economics of education faces a number of pressing issues (access to quality education, rising costs of higher education, skills-employment mismatch, public funding of education, quality of education, etc.) that significantly affect the economic performance of both developed and developing countries. on the situation and results in the labor market. The purpose of studying the issue is to identify current problems in the economics of education and find optimal ways to solve them. SWOT analysis of the environment can identify the strengths and weaknesses, opportunities and risks that the education system faces in the context of economic influence. PEST analysis identifies macro-environmental determinants (political, economic, social and technological) that affect the economics of education during the period of economic growth. Based on the obtained results, it is possible to take into account the complex dynamics of globalization of the economics of education in order to ensure global integration and benefits of education systems. In a global economy, education remains an essential tool for social mobility, where highly skilled jobs are more accessible to those with a quality education. Keywords: economics of education, globalization, knowledge integration, skilled labor force, social mobility. JEL classification: A20, A29