The Economics of Education

• Published in: Science & society (New York. 1936) 1970-10, Vol.34 (3), p.303-318
• Main Author: Preece, P. F. W.
• Format: Article
• Language: English
• Subjects: Capitalism; Concept/Concepts/Conception/Conceptual/ Conceptualization; Economic/Economics/Economical; Economics; Economics education; Education; Education/Educational/Educator/ Educators/ Educationally; Educational planning; Higher education; Human resources; Outcomes of education; Plan/Plans/Planning/Planned/ Planners; Productivity; Social; Social class/Social classes; Universities
• ISSN: 0036-8237; 1943-2801

An outline of the background & content of M. Blaug, ECO- NOMICS OF EDUCATION: A SELECTED ANNOTATED BIB- LIOGRAPHY (Oxford, England, 1966). This Vol contains about 800 items on the econ's of educ, with the vast majority of entries post-1960. Particular attention is paid to the reminder by J. Robinson (ECONOMIC PHILOSOPHY, London, 1962) that '... econ's itself (that is the subject as it is taught in U's & evening classes & pronounced upon in leading articles) has always been partly a vehicle for the ruling ideology of each period as well as partly a method of sci'fic investigation.' An effort is made to disentangle the sci from the ideology. The signif of rate-of-return calculations concerning the Marxian as well as the marginalist model of educ in capitalist systems is examined. Soc rate-of-return calculations not only disregard imperfections in the labor market due to tradition & monopoly, but they also ignore the class basis of capitalist society. Western society is not a meritocracy without class bias; it favors Me over Lc boys in entering U's. The high commitment to educ in the USSR is seen to be due to seeing any expenditure on educ as both consumption & an investment. Soviet educ'al plans are long-term, covering a period of 20 yrs. Many non-socialist countries, developed & underdeveloped, have begun some form of educ'al planning based on manpower forecasts. This planning is perhaps most detailed in France. But in capitalist countries long-term educ'al planning of this kind is severely limited because the future development of the economy is not known with certainty. if capitalist countries were able to achieve long-term stable growth & an increasing measure of gov'al control over the future sectoral balance of the economy, then the prospects for educ'al planning would be brighter. M. Maxfield.