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

The main reason for the government intervention in the higher education is that if there is no government intervention it creates inefficiency in the society. The inefficiency is the market failure. There is inefficient use of resources. If the government not intervene in the higher education market then the poor people are not included in the higher education because the private agency use excluding policy, including those who only make payment. so there is inefficient use of resources.

Higher education is not based on profit making. At the same time it needs huge investment. Investment for building, equipments, infrastructure etc.So the private agency is not willing to create higher education. If the private agency creates higher education institutions then they aim for profit. That creates inequality in the society.

The positive externalities of higher education is more than that of any other economic activity. Because the higher education is an essential and necessary condition for the economic development. Because of the positive externalities of higher education we need government intervention. The externality creates market failure. Higher education is also a part of public good a merit good. A public good also creates market failure. So inorder to avoid market failure of higher education, the government intervention is needed.

Rahul Sunny answered 9 months ago

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...

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 the 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...

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...

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...

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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...

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...

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