The cost of education to a country consists of total public education expenditures, total direct private cost, and total indirect private cost measured in terms of foregone earnings; improperly estimated educational costs focus only on government education expenditures. Considerable progress has been made in conceptual understanding of educational…

Applies economic theory to questions concerning the public financing of two-year colleges. Highlights two analytical constructs used in recommending educational policy: the principle of externalities and the theory of human capital. Considers the effect of academic/vocational program mix on educational financing and issues of equity and access.…

Discusses the nature of the mind and education. Suggests that society learns more from mistakes than from simply replicating the mind of the teacher in the students. Expresses hope that the next century will be one of maturity in which society is able to see that old knowledge no longer applies to a changing world. (DK)

Educational reform depends more on clearly defined missions and operational efficiency than on improved teacher quality. This article defines adequacy, equality, equity, and efficiency; examines numerous production function studies of teacher characteristics and policy and administrative structures; and summarizes seven policy implications.…

Discusses options for the financing of postcompulsory education. Describes developing and developed nations where a funding crisis has resulted from an increased demand for education when new technologies require ever more highly trained workers. Includes discussion of public versus private funding, business contributions, international…