education: public or private good? answer the question and defend using economic theory.

Calling education a public good is potentially dangerous. Learn More…

education: public or private good? answer the question and defend using economic theory.

Education: public or private good? answer the question and defend using economic theory.
But even so, I still think these authors’ arguments don’t stand up, for 3 big reasons.
But what do people even mean when they say education is a public good? In a recent article titled “Education is a Public Good, Not a Private Commodity,” Australian writer Stewart Riddle argues that education creates public, and not purely private, benefits. He doesn’t deny that education produces private benefits (like skills that students can use to get a good job), but points out that education also produces significant public benefits (like gains in public health and robust democratic participation).

Education: public or private good? answer the question and defend using economic theory.
Schooling fails both parts of the definition.
On the other hand, the definition states that nonpayers can be excluded. This is an important distinction because it rids us of the basic free rider problem . In a true public good scenario, everyone knows they can benefit from the good or service by getting others to pay for it, so no one pays.

The two main criteria that distinguish a public good are that it must be non-rivalrous and non-excludable. Non-rivalrous means that the goods do not dwindle in supply as more people consume them; non-excludability means that the good is available to all citizens.
An important issue that is related to public goods is referred to as the free-rider problem. Since public goods are made available to all people–regardless of whether each person individually pays for them–it is possible for some members of society to use the good despite refusing to pay for it. People who do not pay taxes, for example, are essentially taking a “free ride” on revenues provided by those who do pay them, as do turnstile jumpers on a subway system.

Education: public or private good? answer the question and defend using economic theory.
Public good, in economics, a product or service that is non-excludable and nondepletable (or “non-rivalrous”).
Public goods (and bads) are textbook examples of goods that the market typically undersupplies (or oversupplies in the case of public bads). For example, profit-maximizing firms and self-interested individuals can be expected to choose levels of production and consumption such that the aggregate level of pollution resulting from their activities leaves everyone worse off (according to their own preferences) than if each were somehow prevented from producing or consuming as much as is individually optimal. Commonly suggested solutions to such “market failures” include taxes and subsidies or government intervention.

Education: public or private good? answer the question and defend using economic theory.
From the above, we would not consider education to be a public good. And thus, we would generally assume the market would be able to provide this service effectively.
These criteria explain why national defense is considered a public good. To see why, it’s helpful to set any foreign policy objections aside and keep things theoretical here.

Resources:

http://fee.org/articles/schooling-is-not-a-public-good/
http://www.investopedia.com/terms/p/public-good.asp
http://www.britannica.com/topic/public-good-economics
http://libertarianinstitute.org/articles/education-not-public-good/
http://courses.lumenlearning.com/wm-introductiontosociology/chapter/functionalist-theory-on-education/