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ECONOMICS OF EDUCATION


The rise in interest in the economics of education which has taken place
in the last few years is due to a concatenation of several forces. One is
the rising cost of education itself. It has been shown that education at
early stages of economic development takes between i and 2 per cent
of the gross national product. In advanced economies it n ow takes at
least 4 , and sometimes 5 or 6 per cent. Projections for future expenditure
suggest that the proportion will become higher. The reasons for this are
not far to seek.1
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Management
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