ABSTRACT

INTRODUCTION It is a truism that education is a social investment for both the individual and society as a whole. But increasingly as the fi eld of education matures, it becomes more widespread and thus more expensive. It has become increasingly important to examine its economic consequences. Gradually the investors in education (who are the consumers as well)—governments, students, employers, parents, and society-will be asking what they are getting for the investment they are making in this business.