Georgian Higher Education and Funding Model: Effects on Higher Education Efficiency and Stakeholders’ Interests

Abstract

As we live in an extremely dynamic world, the importance of creating new knowledge and developing education has become vital. Higher education has to rapidly respond to the ever-changing conditions of the economy and the labor market. As resources are scarce, governments make continuous attempts to obtain maximal returns on investments in higher education. Georgia still needs to take important steps to get closer to European education standards. The aim of this research is to evaluate the effects and results of higher education reform in Georgia and particularly, its funding model. Under this research, the influence of the funding model on the stakeholders of higher education was observed. Furthermore, we exa-mined whether funds spent on higher education by the public and private sectors are used efficiently, and does the higher education system serve the objectives of each interested party. Our research methodology includes reviewing scientific and legislative literature, analyzing statistical data and conducting interviews with involved parties.