Economics of Education

 

Our goal as educators is to innovate and promote cutting-edge research that is of interest to academics, policymakers and the public in general. Economics of Education should consider the issues related to education policy and finance, human capital production and acquisition, and the returns to human capital.

The major challenges are growing cost verses rate of return, earning quality and inequality in earning. Education and economics are to be viewed differently. Rather than viewing education as a method of feeding industry, we should consider education as a process where seeking is encouraged. Directed acquisition of knowledge driven by curiosity and powered of self-learning skills should be the focus of our education system.

Demand side dynamics & challenges

Demand for education can hardly be overstressed. However given pace of technology and democratization of information, nature and requirement from the education is undergoing a profound change. It’s a high time to reinvent the content of education in terms of its objectives and method of delivery. With the proliferation of internet and other AV content loaded with information, students require professional supervision and expert guidance not about data/information but about how to make sense of abundant data and discern knowledge out of it. Education industry needs to reorient itself to this changed demand.    

Second challenge is the customization of education. While degree/diploma/doctorate and other conventional certificates provides passport of entry-point into the industry, changing nature of technology, ever expanding markets and roles employees are required pick up newer skills time to time. Cleary education is no longer demanded only by teenage students but also a demanded facility by working professionals suitable to their requirements. New Education Policy 2020 imparts necessary flexibility to support the expansion of education industry.

 

Supply side dilemmas

Education is demanded equally by everyone but not everyone can equally afford it. Sadly this is the reality. Economics of Education should consider the issues related to education policy and finance, human capital production and acquisition, and the returns to human capital. The major challenges are growing cost verses rate of return, earning quality and inequality in earning. The issues related to costs are investment related research and development, land and other infrastructure, faculty cost, field visit, industrial tour costs etc which are to be sources only from student’s fees. Market expansion has favorable effects on costs is the empirical experience.  Private sector has potential to effectively cater the demand of affordable and quality education provided that it gets blessed with policy support. New Education Policy 2020 deserves a complement in this regard.

To sum up. India stands at such juncture where it has healthy domestic demand and promising human capital to create a thriving, vibrant and international education industry. Whether to pick up the chance or not remains up to us!  With the motto to groom professional economist in India MIT-WPU School of Economics is offering undergraduate and graduate programs in economics. Aim of school of economics is to train industry ready professionals for future India. You are welcomed to join us on our mission !

- Kaustubh Saurkar

#Economics

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#MIT-WPU School of Economics

 

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