The study of the relation between education and economic growth: A bibliometric analysis and systematic literature review using VOSviewer

Abstract

In aim to provide a general reflection on the current state of production concerning the impact of education on economic growth, we represent in this article the process and outcomes of a systematic review of the subject. Our methodology consists of identifying relevant studies based on keywords, titles, and abstracts that verify our research question: What is the state of scientific knowledge produced on the question of the existence of an impact of education on economic growth, and the incidence of this impact? Then, we limited our selection to the studies written in English or French that were published between 1990 and 2022. Our research identified 302 research papers published on Web of Science and verified our criteria. Afterward, in aim to conduct a rich descriptive analysis of the extracted data, we used VOSviewer for bibliometric analysis. In this step, we presented first a bibliometric analysis of publications output followed by a bibliometric analysis of keywords, then a bibliometric analysis of citations and publications, and finally a bibliometric analysis of bibliographic coupling. Finally, in the last step, we conducted a synthesis analysis of the publication’s output and a summary of the theoretical and empirical literature review.

From our literature review, we conclude that there are two primary groups into which macroeconomic studies can be divided: growth accounting studies and growth regression studies. However, the empirical models vary depending on the factors employed as substitutes for education, the time period, and the nations involved. While the majority of studies have proven the positive and significant impact of education on economic growth, we have uncovered studies that experimentally refute this effect (Islam, 2001). As a result, the findings are inconsistent which intrigue our interest in this subject even more. However, it is the existence of mixed results concerning the impact of education on economic growth and the incidence of this impact if there is, that led to the production of a big number of studies, using more complex linear and non-linear models, and working with more recent and correct education database, to verify this theory, which makes the economy of education a dynamic research field. In summary, this research provides an important contribution by providing a rigorous and chronological review of the development of the literature concerning the economy of education to facilitate the conduction of future research.

Keywords: Education, Systematic Literature Review, Bibliometric Analysis, Economic Growth, Economy of education.

JEL Classification: I25, O11, O14

Paper type: Theoretical Research