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ERIC Number: EJ814808
Record Type: Journal
Publication Date: 2007-Mar
Pages: 13
Abstractor: As Provided
Reference Count: 30
ISSN: ISSN-1749-6896
A New View of Institutions, Human Capital, and Market Standardisation
Rodriguez, Jacob P.; Loomis, Steven R.
Education, Knowledge & Economy: A Journal for Education and Social Enterprise, v1 n1 p93-105 Mar 2007
This paper argues that the rule-making function of institutions introduces an information distortion into markets--economic, political, and cultural--that changes the rational pattern of resource allocation. As markets expand, this distortion raises the price of individual talent and skill development in production. It leads to a public-private information convergence in education that places into doubt many arguments in favour of private-sector solutions to the underdevelopment of human capital. Implications are discussed. (Contains 1 endnote.)
Routledge. Available from: Taylor & Francis, Ltd. 325 Chestnut Street Suite 800, Philadelphia, PA 19106. Tel: 800-354-1420; Fax: 215-625-2940; Web site:
Publication Type: Journal Articles; Reports - Evaluative
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: United Kingdom; United States
Identifiers - Laws, Policies, & Programs: Education Reform Act 1988 (England); No Child Left Behind Act 2001