Best Practices in Education and Human Development: Lessons to be Learnt
An ideal education system aims to help develop fully an individual’s inherent potential. Education merits governmental support and subsidy, because it is a public good with private externalities (Friedman 1955, pp. 24–25)1. It is a merit good2 (Musgrave 1959) and is subject to capital-market imperfection and asymmetric information3 (Arrow 1993).
A mother’s basic education, by contributing positively to children’s education and health does contribute to human development. Society benefits from this investment enormously. An education system that fails to properly acknowledge this possibility runs the risk of promoting self-centered attitudes in humans. Investment on such ...