Education Economics
An article sent to me by Ben Creo onthe returns to education is quite fascinating. It is a good summary on the economic benefits of education. The article does mention, but briefly pass over, social values. Education goes beyond just being able to make new friends, but the more education one has the more healthy they are likely to be, the longer they are to live, the more healthy their children are to be, etc. There are economic benefits beyond simply whether the marginal value of the education calculated in present value is worth more than the cost individually, although it often is. Living longer and healthier increasing society’s wellbeing, for instance, as well as civic engagement and other benefits. The article to me presents the classic problem in the economics of education, which is the presumption that future earning and GDP are the only valuable measures of success. Society though should value on education on many levels and a simplification of the need for it to mere economics should worry anyone.