ERIC Number: ED263930
Record Type: RIE
Publication Date: 1985
Reference Count: 0
Ramblings of an Economist on the Community College: A Theoretical Primer. Working Paper Series No. 2-85.
Romano, Richard M.
This exploration of community college financing applies selected constructs and theories from the field of economics to the question of public financing of two-year vocational/technical and general education programs. First, the criteria of efficiency and equity are explained in terms of their use by economists in judging the appropriateness of public policy. Next, two analytical constructs used by economists in recommending educational policy are discussed: (1) the principle of externalities, which helps determine the benefits absorbed by other members of a society as a result of educating a single individual; and (2) the theory of human capital, which refers to the value of the income/earning potential embodied in individuals. Next, economic justifications are provided for the public funding of community colleges, including efficiency factors; economic development considerations; educational equity and its impact on social mobility and income levels; and educational outcomes as returns on students' economic investment in their schooling. Finally, the paper concludes that economics will influence many of the policies affecting community colleges in the future. (EJV)
Publication Type: Opinion Papers; Reports - Descriptive
Education Level: N/A
Authoring Institution: Broome Community Coll., Binghamton, NY. Inst. for Community Coll. Research.