Education as a Public Good - Education as a Public Good Abdul Qayoom Issues in the Public Policy Contents Abstract 2 Keywords 2 Introduction 3 What is

Education as a Public Good - Education as a Public Good...

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“Education as a Public Good” Abdul Qayoom Issues in the Public Policy
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Contents Abstract ........................................................................................................................................................................................ 2 Keywords: ................................................................................................................................................................................... 2 Introduction ................................................................................................................................................................................ 3 What is Education? ............................................................................................................................................................ 3 What is a Public Good? ..................................................................................................................................................... 3 Importance of Education: .................................................................................................................................................. 4 Is there a Market Failure: ................................................................................................................................................ 5 Literature Review: .................................................................................................................................................................... 7 Conclusion: .............................................................................................................................................................................. 11 References ............................................................................................................................................................................... 12 Education as a Public Good | Abdul Qayoom Page 1 of 13
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Abstract The paper aims to determine the nature of good: Education in terms of public good. Studies showed a mixed result toward the characteristics of Education as public good. The conclusion of our study is that education cannot be regarded as a public good in technical terms, however Govt. should actively provide the publicly financed education because of the benefits and externalities involved. Keywords: Education; public good; higher education; private good; Market failure; Human Capital. Education as a Public Good | Abdul Qayoom Page 2 of 13
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Introduction Before starting any discussion about the nature of the good, we first need to know the meanings of education and Public Good. What is Education? The process of receiving or giving systematic instruction, especially at a school or at a university. OR a set of measures applied systematically to the formation and development of intellectual , moral and physical characteristics of children and youth , or of people. According to late Lord Russell, education broadens the mental outlook of a person in such a way that he ceases viewing things in a narrow perspective. What is a Public Good? A Pure Public good has two properties: First, it costs nothing for an additional individual to enjoy the benefits, i.e. marginal cost for the extra individual is zero. In simple words, we can say that consumption of one person do not affect the consumption of the other (no rivalry in consumption). Secondly, it is impossible to exclude anyone from the consumption of that commodity (non-excludable). The common examples of public good includes defense and light house; as both of these are non-rival and non-excludable. Education as a Public Good | Abdul Qayoom Page 3 of 13
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Importance of Education: Education makes people easy to lead, but difficult to drive, easy to govern but impossible to enslave” Education plays a very significant role in the economic development for any nation. Education can enhance the productivity of a country’s worker and hence increasing the national income. The countries are well aware of the before mentioned fact so in most of the countries in the world, education is provided publicly either free or at a subsidized rate. Along with private benefits and gains, the social benefits of the education are too high.
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