The Economics of Education & Financing Education Adequately - Essay Example

The Economics of Education & Financing Education Adequately The Economics of Education & Financing Education Adequately It is true that quality education results in positive outcomes in many key areas of the society. A school is a place where the transmission of knowledge what adults in the society already know, takes place from adults to children. They receive training in a system where each individual develops their skills and intellectual abilities. The benefits of education have a multitude of cognitive advantages; it helps in understanding facts in various academic subjects.

The most important advantage is that it helps improve a person’s ability of decision-making; it also helps us identify and make the right choices and helps understand the consequences of our wrong actions. Therefore, the intellectual and academic learning that an individual receives in school results in a long-term contribution to the social and economic welfare. These individual gains then later on are transformed into social gains. When there are more educated people in the society people are able to find adequate employments which encourage economic stability and it also constructs a well-educated and skillful environment.

Following are the advantages of adequate education discussed in detail: BENEFITS OF EDUCATION ECONOMIC: the US government and of many other countries have adopted the approach of making their educational systems better and are diligently investing for its betterment because it results in the broader social and economic welfare in the long run. In the current prevailing recession, there is a great impact on people with lower educational level. The Harvard professor conducted a research which stated that “for a fact education has mattered greatly at the time of recession therefore it reminds us that America’s future is dependent on its human capital”.

Educational policies that encourage investment made by the government decreases income inequity and expand economic opportunities. States that invest in public schools automatically decrease income inequality among the civilians. However, the recession has taken its toll and in 2010 it reached up to 16.4% in Pickett County. However, in Fentress County unemployment rate has risen up to 11.9, Putnam County it reached up to 8.6% and in Cumberland County it has reached up to 11.5% whereas in Tennessee it has reached to 9.

5% which means that the poverty rate has gone high. Top counties which make up for most of the tax revenues are Putnam, Fentress and Cumberland which is up to 0.68%. SOCIAL: uneducated people place a great load on the society because education creates awareness among them which keeps them from doing the wrong deeds. Public education provides one of the best ways to reduce crime rate and its costs from the society by helping people gain knowledge, polishing their skills and creating awareness. There are 341 college students in Fentress County, 1,259 in Cumberland, 6,958 in Cumberland and 162 in Pickett County.

According to the reports released by the local sheriff’s department there were only 17 cases of felony registered in Pickett County in the year 2005. However in Putnam County there were numerous registrations of burglaries, assaults, rapes in the year 2005. In Cumberland however theft rates were high up to 572 and in Fentress County numerous cases on burglaries and thefts were recorded which is all due to the high illiteracy rate. According to a study in 1997, 41% of the prisoner’s, between the ages of 18 to 40 had not completed high school.

Learning also creates a sense health awareness which improves people’s health and they live longer because they depend less on government aid than people with less education and income level. The reason is that creates awareness about the pros and cons of their actions e.g. educated people are less likely to have smoking or drinking addiction, obesity etc because they frequently exercise and eat healthy diet. POLITICAL: schooling boosts civic activity because a research proves that better educated people are more engaged in the political activities and they make wise decisions in the elections.

Well-educated youth is more likely to be involved in religious and community services it helps overcome the racial gap of the society. Educational inequality creates a wedge in the society which leads to the lack of trust among the people which is openly observed in the US compared to the other western nations. Therefore, there is no other platform where people from different social, cultural racial and ethnic background can come forth to relate and trust each other. DISADVANTAGES OF ILLITERACY: Illiteracy is a curse on a nation or a society because it creates hurdles and income inequality among the society.

Because education serves a vital key which exposes the individuals to opportunities and it helps sustain productivity within the country. It also keeps an individual from getting socially alienated and helps families and community bonds to grow stronger. Therefore, illiteracy creates racial, cultural and class differences in the society which directly results in mistrust among people. In Fentress, Cumberland, Pickett and Putnam counties however, the crime rate is going high, people face bad health problems.

Educational failure also results in shrinking job opportunities which is why poverty rate has gone high according to the reports issued in 2009 Fentress faced the poverty rate of 26.5%, 16.6% in Cumberland, 24.4% in Putnam and 22.0% in Pickett County. High poverty rate results in high tax rates (Brimley, Verstegen, Deborah & Garfield, 2012). Education affects one’s vocation level and future earnings. Uneducated people waste their useful time in meaningless activities instead of utilizing their precious time in things that would yield some productivity.

Although, education nowadays is expensive and unaffordable for the majority but the cost of non-educating the youth is much greater than the society because its effects are long-term. REFERENCES Brimley, Vern R., Verstegen, Deborah A., & Garfield, Rulon R. (2012). Financing Education in a Climate of Change New Myedleadershiplab With Pearson Etext Standalone Access Card. Pearson College Div.