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Why university should be completely private

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Why university should be completely private

Original article published on the 2nd September 2011 by Juan Ramón Rallo

Almost the entire population agrees that education is one of the pillars of the welfare state. In Spain, talking about a privatisation of education which extends beyond school vouchers seems to be taboo, even among liberals. However, economic theory allows us to understand why completely private education, especially higher/university education, is not only recommendable but essential for the development of education.

It is important to be clear about what does and does not constitute higher education. To summarise, university should be a business whose purpose is to produce or provide a very concrete and specific capital good: the so-called highly specialised human capital. University should not be a public forum to get a marginally deeper general education than that which is provided by secondary education and which makes us good citizens. Or, at least, it should not be so if we claim later that those years of learning served to achieve higher wages in the labour market.

Therefore, university produces human capital, that is, it instils in its clients/students a range of theoretical and practical knowledge that, subsequently, should enable them to produce more goods and services in the market than other players without that education: human capital should serve to increase the productivity of workers and, therefore, to earn higher wages.

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