Chapter

Concept of Market and Market Failure in Education

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/9780198082255.003.0007
Concept of Market and Market Failure in Education

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Education policy world over is increasingly being determined within the framework of the neo-liberal approach, which advocates setting up of a regulated market with a limited but redefined role for the government. This chapter seeks to deconstruct the myth of market mechanism for education. The market for education fails on various counts to guarantee an efficient allocation of resources and deliver quality education through competition. Not only is the market an imperfect one due to the differentiation in the quality of education, but also the social demand for education remains largely unaddressed. Since, the nature of competition in the market for education is characterized by selection-based competition rather than efficiency-based competition, promotion of market accentuates differentiation among institutions and society.

Keywords: education; quasi-market; market failure; efficiency; equity; competition; sovereignty

Chapter.  10147 words. 

Subjects: Economic Development and Growth

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