The Economics of Education

The Economics of Education

The Economics of Education

The Economics of Education

Excerpt

In this book I have tried to apply economics analysis to education and to write a book which will be useful for teaching purposes. It seems to me that in departments of education, and in economics departments, the study of the economics of education offers a chance to deal with topics of the highest public importance, and urgent topicality, employing techniques drawn from a well-established discipline.

In this book, having sketched what the great economist thought about the economic role of education, I shall try to see how much has been spent, or may in the future be spent, on education. I shall com- pare education with consumption and with investment in physical capital; I shall try to suggest a measure of the 'returns' to education.

Educators use these analogies themselves, and there is surely something to be said, too, for the attempt to say how much a society does spend on education, and how much it should, and how much it couldspend. Education, too is a considerable industry; it costs a great deal; its labour-force is large; its reactions on the rest of economy (especially on the supply of trained manpower) are very considerable. It appears, too, that its role in economic growth is an important one.

This book is a broader study of a number of issues in economics and education than has appeared elsewhere, and a great deal of it is a review of published and unpublished work. It does not attempt to cover the same ground as my The Cost of Eduaction,published in 1958, in which I tried to estimate as possible expendi-

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