Question

Critically analyse different costs of education

Answer 1

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                             THE CONCEPT OF COST IN EDUCATION

Education Costs:

The ways in which costs are classified vary greatly. Costs can be

measured and defined in many different ways. Indeed, the classification

of educational costs raises a lot of economic, financial, institutional and

technical questions.

Education costs are of various types and examples include: money costs

and opportunity cost. Money costs refer to money expenditure on the

inputs that are used in the educational process. The inputs include items

such as the time of teachers, students and other staff, books, materials,

equipment and buildings. Money costs are also known as direct costs.

Cost and Expenditure

Cost, to a nonprofessional, is narrowly defined as the money value

incurred in the process of production. However, to the economist, cost

involves not only money spent but also the alternative forgone in order

to produce a given item or service. For example, the opportunity or real

cost of building a new university is the alternative projects that are

forgone such as health, road, telecommunication, building

technical schools, primary schools, and so on. Thus, "cost in education

represents the value of all resources, in terms of money and sacrifice,

used to accomplish educational projects" .

 Investment

This refers to allocation and use of resources for the production of

goods or services which will provide satisfaction of human needs.

Examples include factories, machinery and education, with the latter

regarded as investment in human capital.

Financing Public Service: A framework:

The scope of public sector has grown massively in Nigeria since

independence in 1960. Similarly, such expansion in government

activities has been observed in many developing countries. The reasons

for public sector involvement are many. In a capitalist system,

government’s involvement is, in theory limited to areas where the

private sector cannot perform efficiently, or where the provision is

beyond the capacity of the private sector.

 Rationale for Government Support for Education:

Earlier, we learnt that education has both individual benefits as

well as social benefits. Therefore, this perception to a large extent

determines the level of government’s involvement in the financing of

education.

THE REASONS FOR GOVERNMENT INVOLVEMENT IN THE FINANCING OF EDUCATION:

The following therefore constitute the major reasons for

governments’ involvement in the financing of education:

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