Employers often select applicants based on whether they hold an academic degree. In most countries, universities...

Employers often select applicants based on whether they hold an academic degree. In most countries, universities need to be granted charters from government to be able to award academic degrees to their students. In return, universities must abide by comprehensive and detailed government regulations upholding appropriate standards for teaching, examination and lecturers. Use the theories of market failure and government intervention to explain the reasons for government intervention into the market for higher education. Critically discuss potential problems with these interventions.

Expert Solution

There may be many reasons for the government intervention in the market for higher education, but it can be summarized into two main points:

Firstly government intervein in the market for higher education in order to maintain the standard of higher education. This is because if there is no government intervention the institutes will try to be cost efficient which may lead to decrease in the quality of education which decreases the overall productivity and efficiency of the students studying in these institutions. So the government intervention and puts some standards which needs to be followed in order to maintain the quality of education.
Secondly they also intervene to ensure that the students are not overcharged for the education, some institutes keep very high fees according to their quality of education and hence government needs to regulate it.

Both of the reasons lead to the market failure because even after spending money there may not be good quality of education and hence government intervention is necessary.

There may be some potential problems with these government interventions such as -

If government regulates fee charged for different courses and if these fees are low, than it becomes difficult for the institutes to provide quality education.
Government intervention also decreases the supply of educational institutes as they have to follow criteria fixed by the government.
There may be less flexibility for the institutes to provide different types of courses as they may have to take prior permission from the government to start a new course.

Rahul Sunny answered 8 months ago

Employers often select applicants based on whether they hold an academic degree. In most countries, universities...

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Employers often select applicants based on whether they hold an academic degree. In most countries, universities...

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