ECON 151 Lecture Notes - Lecture 47: Human Capital, Externality, William Baumol
22 Nov 2020
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Solving the education crisis without additional resources seem unlikely. Yet, the way resources are spent matter greatly. Targeting is also key: shifting resources to institutions within poor community is likely to improve the efficiency and fairness of the education policy. Vouchers might be an interesting solutions in places where public sector is failing. Yet, voucher, competition charter need to be design with care to avoid large negative externality. 70% of school"s spendings = devoted to teachers so super important to understand if teachers matter in learning new skills/knowledge. Whether or not it is important to invest in teachers. Baumol"s cost disease applied to education reference: the cost disease : why computer gets cheaper and health care doesn"t, william. Industrial sectors have experienced large productivity gains since the 19th century. No gain in art: time to master a beethoven"s symphony is unchanged. Few-to-no gain in teaching: time to learn reading and writing today than in the.
