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Externalities of Education - Essay Example

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Externalities of Education

whether the governments should invest or allocate the economy’s resources in public education is also suggested with the support of logic, economic reasoning and research which will be discussed during the course of this paper.From this essay it is clear that when private point of view is concerned, it is argued in Weale’s book Education, externalities, fertility, and economic growth that individuals who bear the most percentage of tax from their income, or individuals who even pay the taxes, would receive no personal benefit from those who would actually be getting education. This would mean that on attaining one unit of education, the marginal unit gained by a student would fall to the level where it would be equal to the value of tax spent on public education. By rule, no positive externality will be created in the short run as the opportunity cost for a student attending a class is the loss of income which he/she otherwise could have gained. Therefore, not only the government’s resources (taxes of the people) would be going to waste, but might also reduce the economy’s potential to raise its GDP. However, in the long run for those individuals who cannot afford the basic education for their children, would be able to ensure a bright future for them children with public education provided till K-12. This would mean that with more people eligible to attend colleges and universities, an economy can expect less corruption, crime rate and a stronger and more skilled labor force. ...Show more

Summary

The object of this paper is to research on both negative and positive externalities of public education as opposed to private education. Public goods, also known as merit goods, are something which the beneficiaries do not pay for directly but enjoy its utility…
Author : freemanmiller
Externalities of Education essay example
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