are interrelated and that investment in education especially at higher education level is a profitable investment which
has long term benefits both for the individual and the whole society.
Many studies published in the last decades show the positive correlation existing between individual and social
welfare and the investment in human capital. Murphy, Tamura, Tomes and Mincer (1974) are just some of those
who were able to clearly demonstrate that income differentiation is mainly caused by the level of people’s skills and
the complexity of their studies. There are numerous studies proving that the educational stage related efforts
(primary, lower secondary, upper secondary and higher education) are followed by increased benefits according to
the training or qualification period. Highly qualified people are likely to obtain higher incomes than less qualified
people.