Education and Economics

Education is increasingly being viewed as central to issues of development like productivity, income distribution, employment, and knowledge as an input to production. This book deconstructs the interface between economic theory and education in order to unravel how education contributes to socio-economic development in India. Moving beyond the neo-classical approach, it uses alternative theoretical perspectives to analyse the linkages between education and society. With a unique blend of theory and policy, the author covers a wide range of issues such as the relationship between quality of education and economic growth a critical overview of the input-output approach and human capital theory education as a public good the specific features of the education market, the nature of competition in this market, and the role of the government funding, delivery, and regulation of education the role of the public and private sectors, and an evaluation of various Bills currently under consideration in the Parliament and globalizing higher education and the entry of foreign education providers The book underlines that the key challenge lies in reconciling the objectives of attaining efficiency in resource use and competitiveness in the emerging global knowledge economy with that of realizing inclusive growth.