Should a state (like Michigan) subsidize college education? Make use of economic logic in your answer....

Should a state (like Michigan) subsidize college education? Make use of economic logic in your answer.

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Expert Solution

Answer : Specialized people has more working efficiency in compared to unspecialized people. So, by using specialized people in working field the economy can get more output. Because of higher output level the nation's GDP level or income level increase and because of higher GDP or income the nation's economic growth rate increase. College education increase the working skill in people by specializing them in particular areas. In case of college education students has the facility to choose those subjects for specialization in which they are more interested. As a result, students become specialized in their selected subject after completing their college education. Due to specialization people's working efficiency increase and due to more working efficiency the economic growth level increase. As college education increases the economic growth level of nation and as the whole nation is divided into states, hence to increase the nation's economic growth level the states should subsidize the college education because college education is more expensive.

Rahul Sunny answered 2 years ago

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