Thursday, 14 October 2010

More thoughts on higher education...

Something I totally didn't consider in my last blog was the externalities of higher education.  I focused solely on the benefit to the individual.  My thoughts being that the most rewarding courses would probably cost the most.

However to society, the most rewarding courses are probably doctors.  As a career however they would not be as rewarding, the cost would also be much higher to train a doctor.  As such making people pay the cost of their course would have someone with a debt hanging over them throughout the majority of their career.  This would decentivise most people from entering the profession.  As a result the positive externality needs to be taken into account by the government.  Further subsidies need to be given to courses of social importance.
As such I reiterate what I've said previously, that I am yet to hear a fully workable and affordable policy on this that is also progressive and fair!

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