An Economist's Musings on Tertiary Education in Emerging Markets
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The economic output of tertiary education (TE) includes both private and public benefits, with characteristics of a "merit good" due to its positive social spillovers and role in promoting equity. TE produces skilled individuals who contribute to GDP, civic life, and household management. While primarily seen as private human capital, its social externalities justify public subsidies. Ensuring equitable access to TE is essential for fostering social mobility and reducing inequality.
Keywords
Human Capital, Public Subsidies, Private Good, Demand Determinants, Social Mobility