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The Role of Education and Training in the Economy
Author(s) -
Maglen L. R.
Publication year - 1995
Publication title -
australian economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.308
H-Index - 29
eISSN - 1467-8462
pISSN - 0004-9018
DOI - 10.1111/j.1467-8462.1995.tb00898.x
Subject(s) - citation , training (meteorology) , economics education , library science , sociology , pedagogy , computer science , vocational education , geography , meteorology
This paper is intended to provide a brief introduction to how economists assess the importance of education and training in the Australian economy and how the allocation of resources to education can be assessed. Included in the introduction are statistics illustrating the enormous impact of education and training on Australia's economy and a discussion of possible reasons individuals, employers, and governments allocate resources to education and training. Basic distinctions between compulsory and postcompulsory education, general and vocational education, preemployment education and employment-related training, and general and specific training are drawn in part 2. The following considerations in assessing governments' role in allocating resources to education and training are discussed in part 3: efficiency and equity arguments; funding and provision options open to governments; and the Australian government's role in the provision, finance, and regulation of education and training. Part 4, which is devoted to the problem of treating education and training as investments by using the human capital model, examines the following topics: stocks and flows; measures of human capital; key linkages; and rates of return. Part 5 describes a process for assessing the contribution made by education and training to economic performance. The document contains 48 references. (MN) Reproductions supplied by EDRS are the best that can be made from the original document.