Evaluation of High Educational Institutes Economic Impact with Satellite Accounting: An Empirical Application in Greece

Abstract

The purpose of this article is to show how to evaluate the various economic impacts generated by the establishment and operation of high educational institutes (HEIs) on a local economy and how HEIs affect the national economy, particularly that of Greece. The methodological framework used in this paper is the Satellite Account for Education (SAE) which has not been yet developed in Greece and therefore consists of a proposed methodological framework based on international human accounting rules and principles. The empirical application concerns the effect of the Technological Educational Institute (TEI) of Epirus on the local economy of the Preveza prefecture through measuring the effect on consumption, GDP, local income, value added tax, and employment. The outcomes of the research are important to the government and education policymakers, especially since Greece faces enormous public finance problems and problems with the transformation of the tertiary education system.