Economics of Education

25 Pages Posted: 5 Jun 2018

See all articles by Vibhuti Amar Patel

Vibhuti Amar Patel

Advanced Centre for Women's Studies, School of Development Studies*; Advanced Centre for Women's Studies, School of Development Studies*

Date Written: May 20, 2018

Abstract

Discussion on economic aspects of education has acquired great significance in education research during the new millennium earmarked as Knowledge Economy. Education for the Knowledge Economy (EKE) refers to efforts at production of the highly skilled and flexible human capital needed to compete effectively in today’s dynamic global markets. Experiences of last one decade in the IT enabled BPO sector has proved India’s ability to produce and use knowledge as a major factor in economic development and has proved to be critical to India’s comparative advantage. Economists have recognized importance of EKE to develop a workforce that is well-trained and capable of generating knowledge-driven economic growth.

Economics of Education analyzes both what determines or creates education and what impact education has on individuals and the societies and economies in which they live. Historically a great deal of emphasis has been placed on determining outcomes to educational investment and the creation of human capital. The primary mission of the economics of education group is to identify opportunities for improved efficiency, equity, and quality of education and promote effective education reform processes, to enhance knowledge of what drives education outcomes and results; to better understanding how to strengthen the links of education systems with the labour market; and to build and support a network of education economists for education policy planning and evolve structures and mechanisms for implementation.

Keywords: equity, efficiency, social infrastructure, education reforms, outcomes, quest in Education

JEL Classification: I

Suggested Citation

Patel, Vibhuti Amar, Economics of Education (May 20, 2018). Available at SSRN: https://ssrn.com/abstract=3181994 or http://dx.doi.org/10.2139/ssrn.3181994

Vibhuti Amar Patel (Contact Author)

Advanced Centre for Women's Studies, School of Development Studies* ( email )

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HOME PAGE: http://www.tiss.edu/view/9/employee/vibhuti-patel/

Advanced Centre for Women's Studies, School of Development Studies* ( email )

+919321040048 (Phone)
+912225525060 (Fax)

HOME PAGE: http://www.tiss.edu/view/9/employee/vibhuti-patel/

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