Economic Principles for Education: Theory and Evidence

Education has become an increasingly important activity within all economies; from pre-school years groups through to continuing education and retraining, the accumulation of skills spans a lifetime. Economic Principles for Education looks at all the major areas of economics, applying them to education.

Human capital theory is discussed and evidence on rates of return and the benefits of training is presented. The demand for education is described, with an assessment of how pervasive wealth effects are in education systems. The author discusses the efficiency of education providers, including teacher supply, and identifies the optimal rules for teacher deployment. Education markets, the role of governments and the macroeconomics of education are all considered along with the key social benefits of education.

Using evidence from a range of countries, but particularly the UK and the US, Clive Belfield provides an appreciation of the depth and breadth of the literature of the economic study of education in one easily accessible volume. This will be a valuable text for scholars of economics and education, and will be welcomed by all those interested in obtaining an overview of the field and in understanding the key principles economists use.

Clive R. Belfield, Assistant Professor of Economics, Queens College, City University of New York, US