As someone who has recieved a state subsidized education, this topic is near and dear to my pocketbook. ThisAdam Smith Blog article discusses the question of the value of society funding University educations for students. Why should society pick up the tab for something whose benefits for the individual far outweigh the benefits to society? I think it boils down to critical mass and the value of a network.
Educated individuals are valuable in proportion to their ability to interact with other educated individuals. Who is to know who will be the next Einstein, or Edison, or even the person who spurs the next Newton onto their great accomplishments? In a knowledge economy where the benefits of advances can (in theory) be shared by all, as new discoveries can be infinitely duplicated, the benefits of education seem to be even more overwhelming than before.
Should Society Fund University?
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As someone who has recieved a state subsidized education, this topic is near and dear to my pocketbook. ThisAdam Smith Blog article discusses the question of the value of society funding University educations for students. Why should society pick up the tab for something whose benefits for the individual far outweigh the benefits to society? I think it boils down to critical mass and the value of a network.
Educated individuals are valuable in proportion to their ability to interact with other educated individuals. Who is to know who will be the next Einstein, or Edison, or even the person who spurs the next Newton onto their great accomplishments? In a knowledge economy where the benefits of advances can (in theory) be shared by all, as new discoveries can be infinitely duplicated, the benefits of education seem to be even more overwhelming than before.