Chapter

Education and Economics

Saumen Chattopadhyay

in Education and Economics

Published in print October 2012 | ISBN: 9780198082255
Published online January 2013 | e-ISBN: 9780199082070 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198082255.003.0001
Education and Economics

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This chapter delineates the broad contours of the book, beginning with a theoretical overview of the human capital theory, the endogenous growth theory, and the input–output analysis. A critique of the human capital approach is presented from various perspectives. Economic classification of education is discussed to set the stage for the subsequent policy analysis. This is followed by a critical investigation of the concept of education market to understand the sources of market failure and possible scope for government intervention. A brief critical overview of the rationale behind reposing faith on the private sector and market in the context of various aspects of policymaking in education is presented. The chapter ends with a tour of the Indian education system to identify the challenges and suggest policy responses.

Keywords: education; economics; human capital; endogenous growth theory; input–output analysis; public good; merit good; quasi-market; market failure regulation; efficiency

Chapter.  5313 words. 

Subjects: Economic Development and Growth

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