Provision of Education - Public or Private?
Provision of Education - Public or Private?
Classical Economists Classical economics refers to the studies done by a group of economists in the eighteenth and nineteenth centuries. They included Adam Smith, David Ricardo, Jeremy Bentham, Thomas Malthus and John Stuart Mill who believed that the pursuit of individual self-interest produced the greatest possible economic benefits for the whole society. Their studies were primarily concerned with the way markets and market economies work. They developed theories about the dynamics of economic growth and began with the publication in 1776 of Adam Smith 's monumental work, The Wealth of Nations which identified land, labor and capital as the three factors of production and the major contributors to a nation 's wealth. In Smith 's view, the ideal economy is a self-regulating market system that automatically satisfies the economic needs of the populace. It stressed economic freedom and promoted ideas such as laissez-faire and free competition. He described the market mechanism as an ‘invisible hand’ that leads all individuals, in pursuit of their own self-interests to produce the greatest benefit for society as a whole.
Public Provision of Education – Advantages According to E. G. West’s Education and the State, the arguments of classical economists in favor of the public provision of education fell into two broad categories – economic and ethical. In the economic category, they believed that education would improve individual productivity. Hence, the public provision of education created a large number of productive workers eventually to increase the economic production for the society. In the ethical category, classical economists argued that mass education could improve the moral standards of the poor, foster values essential to a good society, reduce crime and bring about the social equality. As agreed by classical economists for the economic advantages, education helped to increase the productivity of workers in
Classical Economists Classical economics refers to the studies done by a group of economists in the eighteenth and nineteenth centuries. They included Adam Smith, David Ricardo, Jeremy Bentham, Thomas Malthus and John Stuart Mill who believed that the pursuit of individual self-interest produced the greatest possible economic benefits for the whole society. Their studies were primarily concerned with the way markets and market economies work. They developed theories about the dynamics of economic growth and began with the publication in 1776 of Adam Smith 's monumental work, The Wealth of Nations which identified land, labor and capital as the three factors of production and the major contributors to a nation 's wealth. In Smith 's view, the ideal economy is a self-regulating market system that automatically satisfies the economic needs of the populace. It stressed economic freedom and promoted ideas such as laissez-faire and free competition. He described the market mechanism as an ‘invisible hand’ that leads all individuals, in pursuit of their own self-interests to produce the greatest benefit for society as a whole.
Public Provision of Education – Advantages According to E. G. West’s Education and the State, the arguments of classical economists in favor of the public provision of education fell into two broad categories – economic and ethical. In the economic category, they believed that education would improve individual productivity. Hence, the public provision of education created a large number of productive workers eventually to increase the economic production for the society. In the ethical category, classical economists argued that mass education could improve the moral standards of the poor, foster values essential to a good society, reduce crime and bring about the social equality. As agreed by classical economists for the economic advantages, education helped to increase the productivity of workers in
References: Mill, John Stuart. Principles of Political Economy. Clifton, N.J.:Augustus M. Kelley, 1973. Mill, John Stuart. On Liberty. New York: The Bobbs-Merrill Co., 1956 Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations. Modern Library ed. New York: Random House, 1937. West, Edwin G. Education and the State: A Study in Political Economy. Institute of Economic Affairs, London, 1970. West, Edwin G. Liberty and Education: John Stuart Mill’s Dilemma. The Journal of the Royal Institute of Philosophy, April 1965. West, Edwin G. Private versus Public Education: A Classical Economic Dispute. Journal of Political Economy, October 1964. 6