Concept of Economics of Education
Economics of education is relatively a new field of academic discipline. The importance of systematic study of economic aspects of education were realized in the mid of twentieth century. So, the history of Economics of education is not very old. The subject matters of economics of education are concerned with both Economists and Educationists. The different economic aspects of education are also differing from country to country based on their economic system, economic growth and development. For example developed country invests more on their education comparing to the less developed country. The relationship between economic growth and educational development in the countries is always seen positive. So, Economics of Education is a new, dynamic and specialized field of study. A country's government has to take decisions on three central problems of education. Central problems arise because of the scarcity of resources. These are: • What type of education the country needs...