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.

Table of Contents:
Contents: Preface 1. The Application of Economics to Education 2. Human Capital and Education 3. The Theory of Enrolment Choice 4. The Theory of the Enterprise 5. Evidence on Education Enterprises 6. Factor Inputs 7. The Theory of the Market 8. The Role of Government in Education 9. Aggregate Effects of Education 10. Education Policy Using Economics References Index

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

Review :
'There is an extensive discussion of much of the available literature on teacher supply. Similarly, there is good coverage of many other topics within the current field of education economics, such as student loans and vouchers. . . This book represents a useful stepping stone along the path of demonstrating the value of applying economic analysis to many key issues in education.' 'Belfield's book is a valuable addition to the literature in the economics of education: it provides an up-to-date and critical comment on the major developments that have taken place in the subject in recent years as well as presenting an insightful treatment of most of the traditional topics found in the "classics" by writers such as Blaug (1970) and Cohn and Geske (1990). It is a readable book. . . the book is a very useful addition to the literature and one I shall certainly encourage my students to read.' '. . . I would wholeheartedly recommend this book to my students. . .' 'Belfield's considerable effort is praiseworthy. The book is well written, comprehensive, authoritative, and current. It is an excellent book for students with a good background in economic theory who take a course in the economics of education. It is also a marvelous source for academics in economics and related fields to learn or refresh their knowledge about the field.' 'The importance of this volume stems from the fact that it is dedicated solely to the economics of education for use as a college textbook. It brilliantly and cautiously sums up most economic issues of education in its pages. Despite its academic inclination. . . it is simple enough to be an important reference for education policy makers and various national and international agencies that deal with education. . . I found the book to be enlightening and useful. . .' '. . . thanks to Belfield's pioneering work, the most recent theoretical and international empirical work in the economics of education has been gathered into a comprehensive and thoughtful book that will serve students and researchers in this subdiscipline for years to come. Rather than simply present the material as a collection of empirical evidence, the author successfully integrates the supporting superstructure of economic theory into the discussion. . . Throughout, the analysis is both thoughtful and comprehensive, and the writing is highly polished, making this a real "must-have" for any serious researcher in the economics of education. Highly recommended for undergraduate, graduate, and research collections.' 'Erudite and comprehensive, Belfield's book is set to become the text and reference book of choice in the economics of education. The impressive amount of recent theoretical and international empirical work reported here illustrates vividly just how far the sub-discipline has come in the last decade. Belfield has shown, very persuasively, just how and why economic theory and argument can be marshalled to meet the aims of educational policy.'