ABSTRACT
Policy-makers in both developed and developing nations have advocated the implementation of policies which encourage increasing investments in education. The economic rationale behind allocating resources in favour of education can be traced to arguments looking into both the individual and the macro standpoints. At the individual level, investment in children's education is important; amongst other things, it is expected to enhance the future stream of earnings accruing to children. At the governmental and societal level, investment in education is also important as it produces a skilled labour force with increased productivity, capable of generating higher outputs, and contributes to the overall process of development.
