Economics of Education

This course aims to provide students with a solid foundation in the field of economics of education, focusing on both theoretical frameworks and empirical evidence. Students will become familiar with global educational trends and critically examine the role of education for individuals, society, and governments. The course explores the demand side of education by analysing key models of educational decision-making, including the human capital model, the signalling model, and more recent advances that account for multidimensional human capital. It then transitions to the supply side of education, introducing the concept of the education production function and the returns to education quality. The course also addresses inequality in educational outcomes as well as the role of education in mitigating social disparities. Finally, it explores the role of teachers as a core input in the education production process.