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Give reasons why teachers study economics of education.

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-Education is costly both to individuals, NGO, interested parties and to the society therefore education must be subjected to economic tools of analysis.
-The subject helps to create awareness of the society and the resources in an economy therefore the need for a choice .
-Helps us to make educations system more efficient and effective by calculating graduation rates and survival rates.
-Helps in evaluate the costs and benefits of a given educational level.
-Education tools of analysis helps us dertemine contribution of education to economic growth and development.
-By using economic tools of Analysis we are able to go beyond the policy of management rhetoric i.e . avoid giving false promises
-Helps answer questions on why,how,where to locate educational institution at the primary,secondary and tertiary levels.
-Because of the ever changing economy variable we need some basic economic concepts on why provision and bursaries,cost sharing,fees payment are necessary.
-Through economics of education we are to determine the most efficient site of an institution
-Economics of education helps us know the difficulties involved in measurement of effects of education on health,earnings,consumption saving and an economic growth in education.

JUSTIFICATION FOR THE STUDY OF ECONOMICS OF EDUCATION

- First, the rising cost of education and the increasing pressure in available resources, make it necessary to introduce economics into education. Devising the means of reducing the rising cost of education, for example, should be the concern of education economists.
- Secondly, there is existing high level of unemployment among school leavers in the face of selective
manpower shortages in some other sectors of the economy. It therefore appears that there is a
mismatch between the type of education provided, and the type needed by the economy. There is therefore
the need to synchronize the two situations with appropriate economic techniques.
- Thirdly, there is the problem of quality of education provided in schools. Today, many employers
of school products are complaining about the poor performance of these school leavers. The overall
effect on the economic productivity of the country calls for some economic intervention.
- Fourthly, education is only one of the sectors of the economy, among several others. Since, each sector partly depends on others for survival, economics of education will ensure that education is properly linked to other sectors. For example, it could be projected and provided in the educational
system through rational economic plans.
- Fifthly, the increasing politicization of education has resulted in uncoordinated expansion of the
educational system. Nwadiani (1992) has noted that the determinants of the direction of education,
allocation of resources, control, the content and learning environment have become purely political, and
therefore calls for serious economic concern. On the whole, it should be recognized that education is no
longer a “domestic animal”. As an integral part of the economy, it can no longer be excluded
from the various economic influences and therefore requires serious economic attention.

johnson mwenjera answered the question on March 16, 2018 at 15:39

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Give reasons why teachers study economics of education.

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