Eсonomiks of education

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ECONOMICS OF EDUCATION
Education for young people has always been a leading social task. In all industrial societies young people from the age of 5 to 16 and sometimes older go to school. A lot of young adults then take jobs, but some – like you – go to college and a few more take advanced studies.
Education varies from country to country but it has the same economic characteristics in all countries. It improves skills which make people more productive. By means of education people are made stable members of society. Some teachers also do creative research which helps to improve technology. So education creates large economic values varying from technical productivity in factories and offices to progress of knowledge.
Various values of education are of two classes: private and social. Each student gets private benefits when he or she lea
s new skills which will allow them to get higher pay on the job. Besides, the job will probably be more pleasant and the person will cope with problems of mode
life better.
There are also public benefits of education. First, it provides more productive workers for society, economy becomes more efficient and profitable. Without education many people do not cope with difficulties of life and tu
to crime1 or require public support. Second, people understand social life better and they will deal with public problems more intelligently and avoid extremism. Third, greater productivity of population provides more taxes in order to pay for public needs.
The task of economics of education is to evaluate public and private benefits and make decisions how much a gove
ment is going to invest in every type of school and how the gove
ment is going to do it. As productivity and stability of population is mainly increased at school level, total public subsidies for schools are justified. For education at the college level, however, the public benefits are weaker than private benefits and full public...