THE PRICE OF HIGHER EDUCATION AND INDIVIDUAL DEMAND

Filiz Golpek

Abstract


The rise in the living standards in most of the world, the rise in population and schooling rates have increased the demand for higher education. The attribution of semi public property becomes determinant to decide whom will provide the supply and the production in semi public properties is realized by means of a supply and demand mechanism. The supply of higher education is mostly secured in accordance with the public demand as well as the resources available.  In addition, the fact that higher education services have produced significant benefits has led to over demand. This situation relates to a simple economic rule that a commodity or service which costs almost nothing or little will increase until the mariginal benefit of its demand equals to 0 or almost 0. However, the educational supply and demand is difficult to identify in accordance to the supply and demand and balance of price as observed in the economic theory. The high profits that would be attracted in the future are significant factors influencing individual’s decisions for investment. The decision for investment depends on the possible return in the future, the cost of investment, and the current interest rates. Higher education with investment purposes is influenced by these three factors and higher education is demanded more and more by individuals on the expectation that they will gain high profits In theory, it is accepted that the basic factors identifying the demand for higher education are in harmony with empirical research results in several countries including Turkey.


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References


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DOI: https://doi.org/10.5195/emaj.2012.19

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