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Economics of Education as an area of study cannot be said to be a separate field of inquiry that is totally different from the
ordinary economics. Economics of Education is the application of Economic principles, concepts, laws to the process of
Education. Economics of education studies human behavior (in terms of human decisions), action(s) and reaction(s))
about schooling (Babalola, 2003).It further looks into how human behavior affects economic development. Economics of
education is one of the branches of ordinary economics, though, it is the study of how educational managers make official
or approved choices from scarce available resources which is meant for the realisation of the best possible educational
outcomes.
Economics of Education employs the use of some elementary concepts commonly used include;
- Labour economics,
- Public sector economics,
- Welfare economics,
- Growth theory and development economics.
raphael answered the question on August 4, 2021 at 06:16
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