Economics of Education: Crucial Concerns by Vibhuti Patel (original) (raw)

Fundamentals of Economics of Education Revised 2015

Economics of Education is a study of human behaviour (in terms of human's decisions, actions and reactions) about schooling. It also deals with how this human behaviour affects economic growth and national development. Generally, the economics of education, as different from economics education, is the study of economic issues relating to education. Being an applied economics, it involves the application of economic terms, concepts, principles and laws in the process of producing, financing, distributing and consuming educational goods and services. From early works on the relationship between schooling and labour market outcomes for individuals, the field of the economics of education has grown rapidly to cover almost all economic issues with connections to education such as education as investment, demand for education, provision and allocation of resources to education, financing of education and education production function

Economics of Education: Crucial Concerns: Vibhuti Patel

Discussion on economic aspects of education has acquired great significance in education research during the new millennium earmarked as Knowledge Economy. Education for the Knowledge Economy (EKE) refers to efforts at production of the highly skilled and flexible human capital needed to compete effectively in today’s dynamic global markets. Experiences of last one decade in the IT enabled BPO sector has proved India’s ability to produce and use knowledge as a major factor in economic development and has proved to be critical to India’s comparative advantage. Economists have recognized importance of EKE to develop a workforce that is well-trained and capable of generating knowledge-driven economic growth. Economics of Education analyzes both what determines or creates education and what impact education has on individuals and the societies and economies in which they live. Historically a great deal of emphasis has been placed on determining outcomes to educational investment and the creation of human capital. The primary mission of the economics of education group is to identify opportunities for improved efficiency, equity, and quality of education and promote effective education reform processes, to enhance knowledge of what drives education outcomes and results; to better understanding how to strengthen the links of education systems with the labour market; and to build and support a network of education economists for education policy planning and evolve structures and mechanisms for implementation.

M. A. EDUCATION PART -II GROUP A PAPER 2 ECONOMICS OF EDUCATION

Course Objectives: To enable the learners to a. Develop an understanding of planning, financing and cost of education. b. Develop and understanding of the link between the educational system and economic development. c. Develop an understanding of educational problems in the context of economic concepts. Theories and techniques.

CHAPTER-4 ECONOMICS OF EDUCATION

2023

Let us judge why the scope of economics of education is dynamic. The contribution in economics of Education during the last four and half decades opened up new areas of research in theories of growth, labour market, public finance and developmental economics. The theories of Social Justice and welfare economics are also incorporated in economics of education. Public policy becomes the major area of research in economics of education. The new subject matters are incorporated in this area at a fast pace. So, the scope of economics of education becomes very dynamic.