Educational outcome evaluated as children's human capital, and generally equated to their future income. This is the approach mainly adopted in this book and by most economic growth models.
On page 3 a list of common interpretations of education is provided. Other than the human capital aspect, it is also suggested that education is perceived also as a screening mechanism which calls more for private financing, and as contributing to social coherence which favors public financing as well as provision. A fourth interpretation as 'consumption good that is valued for its own sake' was not elaborated much but should be referring to education as a tradition and generally accepted necessity.
On page 3 a list of common interpretations of education is provided. Other than the human capital aspect, it is also suggested that education is perceived also as a screening mechanism which calls more for private financing, and as contributing to social coherence which favors public financing as well as provision. A fourth interpretation as 'consumption good that is valued for its own sake' was not elaborated much but should be referring to education as a tradition and generally accepted necessity.
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