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Ping Ching Winnie Chan

In: 21st Century Economics: A Reference Handbook

Chapter 50: Economics of Education

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Economics of Education
Economics of education

Economics is a study of making choices to allocate scarce resources—what to produce, how to produce, and for whom to produce. With education being one of the top social priorities to compete for scarce resources, economic analysis on returns of education, the optimal allocation of education resources, and evaluation of education policies has become increasingly important. In addition to the theoretical development and empirical applications of human capital theory, different areas of economics have also applied to education issues, such as the use of the economics of production to study the relation between education inputs and outputs.

Since the release of the 1983 National Commission on Excellence in Education report A Nation at Risk, the U.S. government has initiated different education ...

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