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Some Thoughts on the Cost Effectiveness of Graduate Education Subsidies

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Show full item recordAuthor
Bishop, John H.
Abstract
[Excerpt] How much should doctorate training be subsidized? The answer proposed is, "Doctorate training should be subsidized to the extent and only to the extent that it produces externality or public benefits – i.e. benefits received by people other than the one receiving the diploma." This value judgment derives from three propositions: (1) In general, an adult knows better than anyone else what is best for himself; (2) the price (measured in both time and money) he is willing to pay for graduate education is the best measure of how much he values it relative to other offerings; and (3) graduate schooling should be expanded to the point where social (private plus public) benefits of an extra student equal the costs of an extra student.
Date Issued
1974-07-10Subject
ILR; center; human resource; job; worker; advanced; labor market; satisfaction; employee; work; manage; graduate education subsidies; cost effectiveness
Rights
Required Publisher Statement: Copyright by the University of Illinois at Urbana-Champaign. Published version posted with special permission of the copyright holder.
Type
article