According to the economic theory, education is a public good. An individual who consumes education does not take it away from another person who may want to access it. This implies that one cannot be excluded from the benefits of this good (Kezar 34). However, this good tend to change from non-excludability to excludability as one moves higher. According to Stiglitz and Rosengard, lower levels of education are more on the side of non-exclusion (93). This means that higher education is attained by people who afford to pay for it. All states have laws that control education, and they mostly demand that every eligible child should achieve elementary education because this form of education enhances the level of know-how in any given society.
Moreover, education is referred to as a public good because it does benefit not only students but also the society. Even though people with higher education earn more than those below them, there are some ways in which their earnings benefit the nation, such as through paying taxes (Stiglitz and Rosengard 78). Moreover, people with higher education are innovative, flexible, and productive, all of which benefit the society. Additionally, educated citizens are mostly active people, with their volunteering activities benefiting others. For instance, the society benefits from more new products and services due to the contributions from college ex-students.
Nevertheless, the notion of whether the college education is private or public is debatable. Scholars are divided on the issue because some of them argue that the graduates enjoy the benefits of education, while others say that the society is what benefits more from the services offered by the ex-college students (Kezar 112). All in all, benefits of education are shared between graduates and the society with graduates taking a higher percentage.
Works Cited
Kezar, Adrianna, Anthony C. Chambers, and John C. Burkhardt, eds. Higher education for the public good: Emerging voices from a national movement. John Wiley " Sons, 2015.
Stiglitz, Joseph E., and Jay K. Rosengard. Economics of the public sector: Fourth international student edition. WW Norton " Company, 2015.
