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Priorities in Post School Education: Who Benefits and who Pays?

Education is recognised to be an investment in human capital that generates benefits both for the individual – in the form of better employment prospects and higher lifetime earnings – and for society at large by increasing the skills and productivity of the labour force.

This raises issues both of efficiency and equity. Since education benefits society as a whole, then some form of public subsidy is justified on efficiency grounds, to prevent under investment and provide the skilled manpower necessary for economic growth and prosperity.
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