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Main Ideas I want to include: First talk about how education is today (mainly UK
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Main Ideas I want to include:
First talk about how education is today (mainly UK and US), and what is happening with students (debt crisis) and then link to ->
Research that most of the costs in higher education come due to admin costs and senior management salaries, not actual faculty and so link that to if they were operating as a firm with no guaranteed loans, they would have very low demand, and as a result would have to cut costs and operate as a normal firm that would lower prices to get customers.
Link to how people used to pay off college tuition with a summer job before loans thing
Education as a good, so it would operate in a competitive market, and therefore it would lead to prices falling and more competition.
Mention other hypothetical factors – non profits emerging etc
government subsidies rather than loans (however maybe leading to lower quality education.)
analysis partial equilibrium >
general equilibrium < having graphs of some sort to analyse link to the debt crisis, supply side policies moral hazard find more points ^ Behavioural Economics (immitation effect? herd?) Have a mix of theory of mix and theory Theory bit: Moral Hazard No incentive to cut costs due to guarranteed loans Two types of theories: You’re innovation: Theories that exist already: The signalling theory - Michael spence Spence signalling model Everyone is not born equal, some are born more skills, some are not. The high skilled people need to signal employers that they are skilled which is why they get an education. Education <> value.
Human capital theory – Mincer
People are born more or less equally, going to university allows them to learn skills and that makes them more skills, based on their course they pay is determined. More skills -> more pay
In the UK: Tuition fees are guaranteed for anyone, no matter how rich you are. Maintenance are not guaranteed and decided on wealth. Burden of the loans are on tax payers, government is heavily involved.
Question is very broad: think about all different aspects.
Go through the reading list of all these models.
Health care and moral hazard – maybe include
Cosharing method between universities and the loan givers, unis get liable so they get an incentive to cut costs
How does the demand for universities change based on its existence in your local area -> Lecture 15
Lecture 16 has notes on how to reform the sector
Mention goods and find studies done on how the quality of goods increase as competition increases
MY STANCE IS THAT GOVERNMENT SHOULD NOT BE INVOLVED AT ALL CAUSE THEY RUIN EVERYTHING, IN THE SOLUTIONS, MENTION SOME WITH PARTIAL INVOLVEMENT AND SOME WITH NONE.