Keywords

Economic Principles, Education, Human Resource Development.

Introduction

Economics is a social science that investigates how society allocates scarce resources with multiple uses to produce commodities and services for current and future consumption. As a social science, economics is concerned with making decisions and identifying alternatives. It investigates how society determines what, how, and for whom products and services are produced. Economics, according to Robbins, is a social science field that investigates human behaviour as a link between ends and limited resources with multiple applications Aasen & Stensaker (2007).

Education economics cannot be considered a distinct topic of research from traditional economics. The application of economic principles, concepts, and regulations to the educational process is referred to as "economics of education." Human behaviour (in terms of human decisions, actions, and reactions) in relation to schooling is studied in the field of education economics Biggs (2001).

One obvious feature of educational resources is that they are not always sufficient, despite the fact that the education business is a centre for the development of educated labour, which is invariably injected into the economies of various nations. For example, there are 24 hours in a day, and as an undergraduate student, you can take courses in Teacher Education, Special Education, Guidance and Counselling, General Studies, and other faculties outside of education through the Department of Educational Management.

Private and social rates of returns to education, human capital and signalling theories of education, non-pecuniary benefits of education, education and economic development, contribution of education to the economic system, trying to measure educational expenses, manpower planning, educational planning and human resource development, teaching cost, cost analysis, educational production, educational effectiveness and efficiency, costs-efficient education, costs-efficient education, costs-efficient education, costs-efficient education, costs-efficient education, costs-efficient education, costs Darling-Hammond (2000).

The term scope, as you may know, relates to a subject's length and breadth. In this section, we'll learn about the topics covered in educational economics. The field of educational economics has a broad and ever-changing scope. The topics covered by Economics of Education come from both the Economics and Education departments. Education economics entails the study of private and social rate of returns to education, human capital formation, the relationship between education and economic development, educational cost and benefits, educational planning, efficiency of education, cost effectiveness of education, education and equity, and so on Hau (1996).

These are the areas that must be considered in educational economics. According to Hanson, the economics of education is divided into seven categories: human resources formation, education's contribution to economic growth, education's contribution to the economy, education in this country contribution to economic growth, education's contribution to the economy, education's effect on the economy, education's contribution to economic growth, education's Impact of education on earnings, historical examination of education economics, relationship between education and earnings, education programme planning and financing, efficiency and equality of opportunity in education, and so on. Because economics is concerned with resource planning, finance, and allocation, and because basic education is a fundamental right in India, it is critical to balance the available resources. Educationists and scholars in the present day have backed the position of some economists from 1963, that education economics is the need of the hour Telford & Masson (2005).

Conclusion

As we all know, education economics allows us to comprehend educational economic problems and their solutions. It also allows us to make the most of our limited educational resources in order to meet our educational goals and objectives. So that education economics can assist us in resolving the following issues. Because the affluent people receive more concessions and benefits from increased education spending than the poorer people, and because the richer people have greater political clout, higher education expenditures are higher. As a result, spending on higher educational has increased at a considerably greater rate than spending on school education. This is because higher education benefits the wealthy and upper-income people more than the poor and lower-income people.

References

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Received: 03-Mar-2022, Manuscript No. JEEER-22-109; Editor assigned: 05-Mar-2022, PreQC No. JEEER-22-109(PQ); Reviewed: 19-Mar-2022, QC No. JEEER-22-109; Revised: 23-Mar-2022, Manuscript No. JEEER-22-109(R); Published: 30-Mar-2022