Question

1.) Is education a public good? Does education have external benefits? If so, what are some of those public benefits? In your opinion are the external benefits large or small? Why?

2.) What should government do to promote the efficient provision of products that have external benefits? If you think that government should put more resources into education, what might be some of the opportunity costs of that decision? How would an economist determine the right amount of government support for education?

Answer 1

1) Education is the key factor of development ,it can orovide the way of life . Here is the question that whether education is a public good or private good? . Education is the public good because benefits soread across the whole society.There are many social benefits of education .Increasing literacy rate leads to a drastic change in the social standards.,improove health ,decrease in poverty rate,environmental stability. and social responsibility.Education performs more than the economic function.For all the people the education is necessarily is the public good,because its the key for socio economic progress.

Benefits of Education :

Lke any other public goods, education is also a public good having more benefits in nation building.

1. It improves the skills of individual.
2. It can develop creative thinking skills.
3. It can reduce the poverty levels.
4. Allocates higher standard income.
5. Reduces the general bias.
6. Rapid economic growth.
7. Needs more employement oppurtunites.
8. Improves the problem solving skills.
9. It can bridge borders.
10. Education able to create modern society.
11. Improve the quality of life.
12. It makes better citizens.
Education has many benefits to the individual and to society at large.It can reduce the infant mortality rate.The benefits are large as it is the only key for breaking the cycle of poverty.More chances of advancement in education gives complete development to the society as a whole.It also includes the external benefits like welfare ,strengthened democracy,human rights,political stability, and social benefits,better international competativeness, environment protection, raising social capital, and many more.

2) The government can support the education system to enhance development.Because the schools ,colleges now a days have alimited funding with which it is hard to pursue its goals.A well designed system of funding should be provided to the schools by the government.As countries seek to enhanse the performance of all students while also providing more equitable learning oppurtunities.Ensuring students needs and allocating the funds can provide a high qyality of education.Governing school funds involves different bodies in raising,managing the funds.The majority of funding comes from the central govt.It should provide more sufficient funds for all levels of education.It should create the fair and transpirant policy of funding like local funding,state grants, and central aid.The grant transfers to the muncipality and from there it will be reached to the struggling schools. many schools in the country are suffering with lack of funds so unable to provide quality education. .

The sufficient funds can be declared basing on the needs of the school including the infrastructural fecilities and the and the necessary of the factors of schooling.