Re:There are 5,057 janitors in the U.S. with PhDs
by yummyfajitas on Friday October 22, 2010 @05:25PM
(#1821586)
but why is improving their income tax bracket more valuable to you than improving their wellbeing by any other metric that person might choose?
One claim which is often made by advocates of education is that it causes productivity to increase, and that the gains from increased productivity are only partially captured by the educated individual. The remainder of the gains are spread about the general population via trade (i.e., a consumer surplus).
If the educated individual is happier but not more productive, there are no gains from trade or consumer surplus to be enjoyed by everyone. Thus, the standard rationale for public education does not apply to such an individual.
One claim which is often made by advocates of education is that it causes productivity to increase, and that the gains from increased productivity are only partially captured by the educated individual. The remainder of the gains are spread about the general population via trade (i.e., a consumer surplus).
If the educated individual is happier but not more productive, there are no gains from trade or consumer surplus to be enjoyed by everyone. Thus, the standard rationale for public education does not apply to such an individual.