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The Economics of Experience-Based Higher Education

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  • Larry Lawson

Abstract

This article examines the relative costs and benefits associated with experience-based higher education in comparison to traditional lecture-based courses. The spreading of fixed costs that has been heavily relied upon in recent years to slow the accelerating cost of a college education is more difficult to accomplish with experience-based courses. In addition, certain intellectual capital costs must be invested in the transition to a curriculum balanced by adequate opportunities for experiential learning. The benefits of the latter, however, are also high, perhaps disproportionately so. After reviewing the evidence regarding the benefits that accrue to students, colleges, and communities, it is concluded that economic analysis supports the inclusion of experiential education in most baccalaureate programs. Further empirical work is needed to educate decision-makers and the public about the tradeoffs involved. Copyright International Atlantic Economic Society 2007

Suggested Citation

  • Larry Lawson, 2007. "The Economics of Experience-Based Higher Education," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 35(1), pages 23-31, March.
    • Handle: RePEc:kap:atlecj:v:35:y:2007:i:1:p:23-31
    DOI: 10.1007/s11293-006-9047-5
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    References listed on IDEAS

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    1. Ludger Wößmann, 2003. "European education production functions: what makes a difference for student achievement in Europe?," European Economy - Economic Papers 2008 - 2015 190, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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    More about this item

    Keywords

    applied learning; business education; economics of higher education; experiential education; A20; A22; I21; I23;
    All these keywords.

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions

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