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This study aims to investigate the employment of higher education in Lithuanian labour market between 2005 and 2014. Today, this problem is relevant to Lithuania, as level of high school graduates employment is changing yearly. The purpose of the research is to evaluate the impact of higher education on employment in Lithuanian labour market. Seeking to define the impact of higher education on employment in Lithuanian labour market, analysis and synthesis of scientific literature about the influence of education on the labour market; systematic statistical data analysis of Lithuanian education and employment and unemployment rate are presented. In order to compare the impact of Lithuanian higher education on employment rate, unemployment rate and real labour productivity with other countries of the EU-28, the correlation analysis are used. Results indicate that education attainment has influence on employment and unemployment level in Lithuanian labour market and relationship between higher education and employment, unemployment and real labour productivity are dominated in all the EU-28 countries.   Keywords: education; higher education; employment;  unemployment; labour productivity.

Authors of the article aim to show what role higher education play in economic development. They argue that modernization and transformation of the economy mostly depend on knowledge-based economy. Smart, sustainable, and inclusive economic growth are based and strongly related to higher education. When analyzing higher education, the share of the population with tertiary education (in the total population aged 15–64 years) was chosen to study. For the evaluation of these relations in Lithuania and the EU-28 the period of 2005–2013 was analyzed, and the year 2005 was chosen as the base year. The research results and calculated Pearson correlation coefficient revealed that the share of the population with tertiary education (in the total population aged 15–64 years) has a significant impact on the share of human resources in science and technology, research and development expenditure and real adjusted gross disposable income of households per capita in Lithuania and most other countries of the EU-28.. Keywords: Economic development, economic modernization, higher education, research and development expenditure;

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