Delivered at:: Institute of Education

Course type:: Compulsory course

When:: 1 year, 3 module

Instructor

Egorov, Alexey

Full Syllabus

Abstract

We will cover concepts of supply and demand, consumer behavior, and production theory in order to understand individuals' incentives to invest in education, an economic interpretation of how schools function, and the role of government intervention in the provision of education. We will emphasize how to use data to test economic theory and to predict the effects of policy initiatives. Among the topics we will cover are returns to educational attainment, the importance of school resources in determining academic achievement, school choice, teacher labor markets, and educational finance. This course has no prerequisites.

Learning Objectives

The overall goal of this course is to introduce you to the economic analysis of education. Specifically, the course is intended to help you become knowledgeable in five major areas: 1. How economists define the “problematic” of education. 2. The concept of education as an investment (human capital), measuring the value of that investment, and how education contributes to economic growth and income distribution. 3. Teacher labor markets and teacher “value” in the educational process. 4. Schools as places of production and the economics of the education production process. 5. Education as a public and private investment good and the implications for educational finance in both K-12 and higher education.

Expected Learning Outcomes

discuss intelligently the contribution that economics and economists have made to how we think about the role of education in society
discuss intelligently how economists view the life cycle of investment in learning and skills for work
discuss intelligently whether higher salaries for teachers will bring “better” teachers in the teaching profession
discuss intelligently whether raising educational requirements has a positive or negative effect on teacher quality
discuss intelligently the various ways governments raise money to pay for education and whether some ways are more effective and more equitable than others

Course Contents

Introduction to the Economics of Education
Education and Labor Markets
Teacher Labor Markets
The Production of Education: How Do Schools Produce Student Outcomes?
Issues in Financing Education

Assessment Elements

Problem sets
Essays
Calss participation

Interim Assessment

Interim assessment (3 module)
0.1 * Calss participation + 0.4 * Essays + 0.5 * Problem sets

Bibliography

Recommended Core Bibliography

Becker, G. S., & Tomes, N. (1979). An Equilibrium Theory of the Distribution of Income and Intergenerational Mobility. Journal of Political Economy, 87(6), 1153. https://doi.org/10.1086/260831
College choices : the economics of where to go, when to go, and how to pay for it, , 2004
Human capital : a theoretical and empirical analysis, with special reference to education, Becker, G. S., 1993
International encyclopedia of economics of education, , 2006
Martin Carnoy. (2004). Education for All and the Quality of Education: A. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.5BBA7C60
School vouchers : examining the evidence, Carnoy, M., 2001

Recommended Additional Bibliography

Becker, S. O., & Woessmann, L. (2009). Was Weber Wrong? A Human Capital Theory of Protestant Economic History. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.EA306DF8

Master’s Programme 'Evidence-based Education Development'

Economics of Education