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Externalities and Public Provision of Education

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  • Manuel Pacheco Coelho
  • Maria Leonor Oliveira

Abstract

This paper investigates the role of government in providing education, especially at the regional and local level. The public (or semi-public) good nature of education and the presence of externalities in the production and consumption process can lead to situations of market failure. Consequently the market can be driven to solutions that are not socially efficient and that’s the fundamental reason to defend the public provision of education. But there is also a role to be developed by the private school, in this market. Locally, the economic analysis points to an important public role in the provision of educational services, especially at the level of basic education. The justification is based mainly on grounds of fairness, that is, the more or less universal access to the benefits of education being the central issue.

Suggested Citation

  • Manuel Pacheco Coelho & Maria Leonor Oliveira, 2011. "Externalities and Public Provision of Education," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 1(3), pages 142-142.
    • Handle: RePEc:ers:ijfirm:v:1:y:2011:i:3:p:142
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    References listed on IDEAS

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    3. Otto A. Davis & Andrew Whinston, 1962. "Externalities, Welfare, and the Theory of Games," Journal of Political Economy, University of Chicago Press, vol. 70(3), pages 241-241.
    4. Francis M. Bator, 1958. "The Anatomy of Market Failure," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 72(3), pages 351-379.
    5. F. H. Knight, 1924. "Some Fallacies in the Interpretation of Social Cost," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 38(4), pages 582-606.
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