ECONOMICS OF EDUCATION AND HEALTH

  Manpower Planning Approach for Educational Planning: In this method, the general demand for and the capacity of supply of human resources in different streams of and at different levels of the educational sector are estimated. The approach asserts that the system of education produces the right quality of human resources with desirable knowledge, attitudes and skills in the right numbers and thus, education is directly linked with economic development. The application of the manpower planning approach depends on these factors: (a) An appraisal and analysis of the existing employment conditions and the system of education, (b) Planning the system of education vis-a-vis the manpower needs of the economy, and (c) Using the financial resources (which are limited) in an optimum way so as to fulfill the demands of the employment sector without incurring wastage on account of unemployment. (d) Making an appraisal of the number of students enrolled, the number of existing teachers and th...

                                                          Educational  Costs Costs incurred on education fall into two broad categories: Private and Social costs. a).  Private Costs. Private costs are those incurred by the individual, family or organization in the course of purchasing education or additional education. These costs can be direct or indirect. Examples of direct private costs include expenditures on fees, tuition, books, uniforms, transport, room, and board etc. Indirect private costs include foregone earning by learners, i.e., the opportunity cost of schooling including loss of labor for the family concerned. b).  Social costs. These are the costs that are incurred by the society/public/government in providing education. They are also categorized into direct and indirect social costs. Examples of direct social cost...