Question

Can you explain how public education (grades K-12) is an example of a private good? How is public education excludable and rivalry? Why do you suppose public education is a government market failure? Can you explain why the quality of education is diminishing and children are graduating from high school without knowledge and skill sets to be successful as adults? How would you classify high education and why? Please explain.

Answer 1

Ans) Private good is the good which is excludable and rivalry, these two are the basic characteristic of private good. One consumer can be excluded by consumption of the good if he is not agree to pay for it ,then it is excludable. While rivalry means the consumption of one consumer is affected by the consumption of other consumer, this is also the property of private good. Education is considered as private good because poor people are excluded from being educated. In some economies, some people can't get education because of lack of money they have so they are excluded. There are some rights to every child for eg in India this is constitutional right of every children to get basic education till they attain 14years of age, but still India has not achieved full literacy rate even of basic education, so by this we can say after the implementation of rules or duties the poor people are deprived of education, so it can be considered as private good. When the public good is not fully utilized it is an example of market failure , as government is unable to fully implement the rules or market rules this will effect the demand and supply of the market and will result in a market failure. Now-a-days the education is considered as means of getting job so many people just get education to get better job then not to educate themselves. They don't want to learn or know the meaning of education that's may be reason of diminishing of quality of education at higher level , higher education is a means of getting degree and then to get better jobs only, students just want to get mere passing marks in examination and don't want to learn or get education that's why the quality is decreasing. Higher education is classified as the education after 12th class or 10th class as till this standard student get mature enough to select their profession in their fields. And can pursue their carrier in particular field.