Education as a Public and Private Good

Education as a Public and Private Good

Education is both a public and a private good. It benefits both an individual who has it and the society where he or she lives. For instance, an educated person may get a job where he or she can get an income that can be used for the accomplishment of personal goals. On the other hand, a learned person may serve society with the knowledge that he or she could have. For example, a doctor benefits society with medical knowledge that he or she acquired from the university. Education may be categorized as a private good where an individual has to pay for his or her school fees. Contrary, the government or the society may have a burden to pay school fees for the members of the society hence education, in this case, is viewed as a public good. Additionally, society plays a role in ensuring that an individual learns and accomplishes the goals that he or she may be having.

Education as a public good may be viewed to be non-rivalrous (McPherson). Therefore, education cannot diminish when shared among many people. It can benefit several members of the public at the same time and even in the future without failing to satisfy the needs of those who pursue it. Additionally, education is excludable. Thus, it can be denied to those who do not pay for it. For example, students who may fail to pay the school may be denied the right to attend classes. It is wise to conclude that education has a great positive effect on society. The learned people may us…