Research Area: Economics and Education
Topic: ECONOMICS
OF EDUCATION AND EDUCATION ECONOMICS IN LEARNING
By
Salis
Kolawole E-SKY
B.Sc. Ed Economics (OAU-Ife), M.Sc. Economics (UNILAG)
+234 (0)8032467356
January 2016
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ECONOMICS OF EDUCATION
1.0 Introduction:
Economics of Education is an area of study that
cannot be said to be a separate field of inquiry that is totally different from
the ordinary economics.
Economics of education is one of the branches
of ordinary economics which studies how educational managers make official or
approved choices from scarce available resources which is meant for the realization
of the best possible educational outcomes.
1.1 Economics of education can be defined as the study of economic
issues relating to education, including the demand for education and the
financing and provision of education.
Economics
of Education is the application of economic principles, concepts and laws to
the process of Education.
Economics
of education studies human behaviour (in terms of human decisions), actions and
reactions about schooling (Babalola, 2003). It further looks into how human behaviour
affects economic development.
Economics
of Education employs the use of some elementary
concepts commonly used in labour
economics, public sector economics, welfare economics, growth theory and development economics.
From
early works on the relationship between schooling and labour market outcomes
for individuals, the field of the economics of education has grown rapidly to
cover virtually all areas with linkages to education.
World known classical economists like Adam
Smith, Alfred Marshall, John Stuart Mill had discussed education and
development extensively, advocating for public investment in education. So, by
the 1950s, economists gave attention to issues such as the relationship between
education and economic growth; relationship between education and income
distribution and also the financing of education.
On
the whole, economics of education is the marriage between ‘Mr.’ Education and
‘Miss’ Economics, and once married, Miss Economics must have her department and
bear the name of Mr. Education. The two then merge to become one and thereafter
referred to as Economics of Education.
The educational sector is established to meet
and satisfy the human quest and thirst for knowledge, most of the needs of man
will always create a demand for educational resources. The total supply of
these resources, even when fully employed, cannot meet every desire of man, and
this is as a result of insatiability of human wants.
Since it is not possible to meet all the
needs of human being, a rational society goes on to choose between these wants.
In that wise, the different principles of scale of preference and opportunity
cost will come into play.
Economics of
education therefore is the systematic
study of how to choose those alternatives that would give mankind the greatest
satisfaction.
It is a branch of economics which uses
economic tools to solve educational problems and tackle educational issues.
Economics of education concerns itself with
how to use the limited educational resources to satisfy the unlimited
educational wants.
Economics of education is the study of how
educational managers make choices concerning the use of the scarce educational
resources, and this is what economists do in the education system.
The fundamental problem of economics of education
is how the decision makers shall make use of the limited resources at their
disposal to best satisfy their unlimited educational wants.
The difference between economics of education
and ordinary economics is the dominance of education as a variable in every
argument and application of economic principles, laws, and concepts to
education issues.
2.0 EDUCATION ECONOMICS IN LEARNING
This is the education provided by individual
(a teacher or any other educated person) on different economic issues and
problems.
The course of ‘Education Economics’
introduces students in looking at education from an economic perspective. It
applies economic frameworks, evaluation methodologies and principles to
education.
Several tertiary institutions offer courses
in education economics in learning, and such institutions in Nigeria include;
University of Lagos, Akoka, University of Ibadan, Ibadan, Obafemi Awolowo
University, Ile–Ife and many others.
People are trained in these institutions to
teach economic concepts to the public through the students in secondary
schools, and thereby focusing attention at providing solutions to the economic
problem in the society.
It should be
realized that a better part of our working day is spent in making economic
decisions either as a producer or as a consumer.
Hence, Economic education can therefore, help us to arrive at a better set of decisions than
those we would have originally made.
Hence, Economic education can therefore, help us to arrive at a better set of decisions than
those we would have originally made.
References:
Babalola,
J.B. (2003). “Fundamentals of Economics of Education” J.B. Babalola (Ed). Basic Text in Educational Planning,
EPPU. Ibadan: Deparment of Educational Management, University of Ibadan.
Hardwick,
P;Khan,B. and Langmead, J.(1994). An Introduction
to Modern Economics,4th Edition, New York:
Mark Blaug, 1985.
"Where Are We Now in the Economics of Education?" Economics of
Education Review, 4(1), pp. 17–28.
Wikipedia, the free encyclopedia, 2016.
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