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Education and EconomicsDisciplinary Evolution and Policy Discourse$
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Saumen Chattopadhyay

Print publication date: 2012

Print ISBN-13: 9780198082255

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780198082255.001.0001

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Economics of Education Policy

Economics of Education Policy

(p.217) 8 Economics of Education Policy
Education and Economics

Saumen Chattopadhyay

Oxford University Press

Based on the economic analysis of education, this chapter embarks on unraveling the rationale behind policymaking in education. Commodification of education (particularly in case of higher education) has led policymakers to repose faith on private-sector provisioning and the market to achieve efficiency and quality through competition both at the institutional level and the economy level. The chapter begins with a discussion on various modes of funding of education followed by a discussion on various forms of private sector participation, public–private partnership (PPP), governance reform, regulation, choice making, and quality assurance mechanism. It discusses why profit making in education has adverse implications for access and quality mainly because of an absence of a well-defined production function.

Keywords:   education, privatization, public–private partnership, governance, new public management theory, principal-agent theory, regulation, quality assurance mechanism, neo-liberalism

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