THE ECONOMICS OF EDUCATION: A SURVEY
CALIFORNIA UNIV BERKELEY
Pagination or Media Count:
Thirty-five million children are attending elementary and secondary schools, and another 4 million people are enrolled in over 2000 institutions of higher learning. A total of 25 percent of our population is engaged in the process of being educated. The economics of this complex and its product has recently become a popular area of investigation. Almost as many approaches have been employed as the number of studies, and, not surprisingly, the conclusions reached are diverse. As Bowen pointed out, this variety of directions could be regarded as proof of the inventiveness of economists, as indication of the difficulty of the problem, or as evidence that the best method of attack is simply not known. In reviewing the literature I have separated the several studies into three major categories investment, finance, and a miscellaneous group which contains manpower studies and decision processes. The inclusion of a study in the miscellaneous category does not indicate any lack of importance but rather the paucity of work on that aspect of education. A section has also been written in which some sources of statistical data are discussed. The meaning of education varies among the studies it may encompass formal education on the primary and secondary levels, higher education, vocational and on-the-job training, or deal with only one or two of these divisions. I have indicated in each case the areas covered.
- Humanities and History
- Economics and Cost Analysis