The Market pp 112-135 | Cite as

Externalities from Education

  • Martin Weale
Part of the British Association for the Advancement of Science book series (BAAS)


A wide range of economic benefits is often thought to flow from education. In advanced societies it is clear that a reasonable level of literacy and numeracy is necessary if one is not to be at a severe disadvantage in day-to-day life. Advanced countries typically regard it as important that the population should be educated to some minimum level, and as a consequence impose compulsory education typically without charge. That education is of benefit to the individual is of little doubt. The conventional view is that, by undergoing education an individual raises his human capital and is thus able to command a higher rate of pay in the labour market (Schultz, 1961).


Human Capital Educational Attainment Labour Income Technical Progress Advanced Country 
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© The British Association for the Advancement of Science 1992

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  • Martin Weale

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