Chapter

Economics of Education Policy

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/9780198082255.003.0008
Economics of Education Policy

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Based on the economic analysis of education, this chapter embarks on unraveling the rationale behind policymaking in education. Commodification of education (particularly in case of higher education) has led policymakers to repose faith on private-sector provisioning and the market to achieve efficiency and quality through competition both at the institutional level and the economy level. The chapter begins with a discussion on various modes of funding of education followed by a discussion on various forms of private sector participation, public–private partnership (PPP), governance reform, regulation, choice making, and quality assurance mechanism. It discusses why profit making in education has adverse implications for access and quality mainly because of an absence of a well-defined production function.

Keywords: education; privatization; public–private partnership; governance; new public management theory; principal-agent theory; regulation; quality assurance mechanism; neo-liberalism

Chapter.  16788 words.  Illustrated.

Subjects: Economic Development and Growth

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