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- Is connected with the study of scarce resources capable of alternative uses among given
goals and objectives.
- Economics of education is the study of scarce resources and how best they can be
produced, distributed or utilized to meet a given end (goals and objectives).
- It involves the problem of choice, i.e. how best we can choose to produce, distribute and
utilize commodities and resources to meet certain objectives.
- It also involves economic tools of analysis such as demand and supply, social and private
rates of return, and cost benefit analysis.
- It explains why economists are interested in education. However, there are varied
definitions by various economists in terms of semantics but the meaning remains the
same .The following are some of the definitions by various economists;
1. John (1979),defines economics of education as the application of economic tools of
analysis to education in just the same way tools of analysis are applied to health,
energy, transport, communication, etc.(cost benefit analysis, demand and supply,
etc.).
2. Rowntree D.(1981).The study of how men and the society choose with or without
ensuring the use of money to employ scarce resources to produce various types of
training, skills, mind and character especially by formal schooling and distribute them
now and in the future among various people and groups in society.
3. COLINES E. (1980) Defines economics of education as a study of allocation of
resources among educational institutions, activities and reforms obtained both by the
individual and the nation.
NatalieR answered the question on June 17, 2022 at 11:09