Education Finance Policy: Financing the Nonmarket and Social Benefits

Autor/in	McMahon, Walter W.
Titel	Education Finance Policy: Financing the Nonmarket and Social Benefits
Quelle	In: Journal of Education Finance, 32 (2006) 2, S.264-284 (21 Seiten)Infoseite zur Zeitschrift PDF als Volltext Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0098-9495
Schlagwörter	Educational Benefits; Economic Progress; Cost Effectiveness; Educational Finance; Educational Policy; Secondary Education + Suchen Sie Ihr Suchwort? Bildungsertrag; Economic growth; Wirtschaftswachstum; Kosten-Nutzen-Analyse; Kosten-Nutzen-Denken; Bildungsfonds; Politics of education; Bildungspolitik; Sekundarbereich
Abstract	This article complements the one written by George Psacharopoulos. It builds on the market returns to education that are measured by increments to earnings and to pure economic growth. It considers the additional nonmarket private returns to education, but it also considers the social benefits of education that benefit others in the community and future generations. Both of these benefits have enormous relevance to education finance. Understanding the private nonmarket benefits and their value is highly relevant to how much should be invested in education. The size of the social benefits, some of which are market benefits, is relevant to how much of the total investment in education must be financed publicly. The main issues to be addressed in this article include: (1) What are the main nonmarket benefits of education?; (2) How can they be distinguished from market benefits and from social benefits, some of which are also market benefits?; (3) Why must a dynamic view of the process that includes indirect effects that feed back to set the stage for further growth be understood before most education externalities are seen?; (4) How large are the nonmarket returns and externalities for secondary education?; and (5) For education finance policy, what is an economically efficient total investment in education as, say, a percentage of gross domestic product (GDP), and what is the appropriate public share? (Contains 3 figures and 2 tables.) (ERIC).
Anmerkungen	University of Illinois Press. 1325 South Oak Street, Champaign, IL 61820-6903. Tel: 217-244-0626; Fax: 217-244-8082; e-mail: journals@uillinois.edu; Web site: http://www.press.uillinois.edu/journals/main.html
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2017/4/10