Economic subsidies and incentives in education for low-income people

Conclusion

First, education is both a private and a public good. We may specify a social welfare function for education as a social good with externalities and internalities, social costs, and social benefits. We may also analyze education as a private good and specify production functions, consumption functions, investment functions, and capital accumulation functions for it. Both micro and macro relations are involved in its production and use. Stock-flow-stock variables are involved in the theory and applications. Economic education is no less important for low income people than it is for the nonpoor and the rich in a conservative capitalistic system.