ABSTRACT
It may well be asserted that the economics of education is as old as economics – or perhaps education – itself in that skills of all sorts have ever been seen as an investment leading to a higher return either in wages or status or some other currency. However, most people would agree that the beginnings of major developments in the economics of education can be traced to the late fifties when economists began to look at the developed and developing countries and to try to relate education and economic growth and at the same time to begin to assess investment in the education of individuals, the creation of “human capital”, in relation to the other more generally accepted forms of investment.
