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5. Economics of Education

Faculty
Martin Carnoy, Susanna Loeb and Sean Reardon.

Programs at School of Education associated with economics of education are:

The program aims to instill a thorough understanding of micro- and macro-economic analyses as they apply to the economics of education, a facility for using econometric modeling techniques to formulate complex relationships in education and to test such models with relevant data, and an acquaintance with the other social sciences as they relate to the economics of education.

Specific areas of focus include the production, distribution, and financing of education; the relationship between education and labor markets; the contribution of education to economic growth and development; and the organization of the education industry.

Students are expected to take courses in each of the following four areas: (1) economics and econometrics; (2) statistics; (3) education; and (4) related areas, including research-oriented courses in sociology, political science, psychology, anthropology, history, philosophy, mathematics, engineering-economic systems, and operations research.

Knowing how to apply the tools of economics and econometrics to problems in education will prepare students for positions in universities, research institutions, and government.