Abstract:

The efficient result-oriented teaching of Economics increasingly depends on the policy and management of education system in the country. Organization and management of education is a multidimensional task of the governments.

Many governments consider education a priority for their sustainable strategic development and therefore spend impressive amounts of financial resources on it. Public expenditure on education as a percent of total government expenditure varies from country to country. Measurement of the results of efforts and spending for education often are challenging and in many cases even misleading. From the strategic point of view, outputs and outcomes of education system require differentiated approach. Quantitative measures may not be considered as the only truthful indicator of success; rather, quality of education needs to be strategically defined, closely monitored and plans for further improvements developed.

The government’s mandate and policy on education will guide and stimulate development of strategy documents, which in their turn, will serve for building-up economics learning standards for different levels of education.

The developed standards will encourage inquiry-based learning. Asking thoughtful questions and managed process of leading to the answers support problem-oriented thinking and is applicable to often changing challenging political, economic, and social environment. The questions that require answers and lead learner to logical chains of thoughts with numerous potential development scenarios and solutions create solid and sustainable knowledge especially in Economics.

The research is a first stage of the series of studies on the effect of sustainable economic knowledge on sustainable economic development. Therefore, it is theoretical – explores the concept of sustainability and its applicability to the educational system; provides an overview of academic literature; studies existing Economics learning standards; and sets the way for further empirical study of correlation between quality economic education and sustainable development of economics and business.

Study uses examples of Georgia’s organization of the education system in general and economic education – in particular.

Keywords:

Economic education, sustainable development, public good, education standards, measures, inquiry-based learning.