Economic literature on human capital also makes a strong case that the consumption of higher education by one individual increases the utility of others in society.
If as a result of my obtaining a college degree I earn more income throughout my lifetime, I will pay more in state, local and federal income taxes that can be used to provide health care, shelter, and parks to a broader population, hence increasing the utility of those consumers.
If as a result of my acquisition of a college degree I follow a healthy lifestyle, I am, in a sense, reducing health insurance costs, not just for me, but for society.
If I gain a skill set from my higher education that ensures me a higher probability of being employed and thus have less need for public assistance, society in general is better off.
Higher education is a consumption good with benefits, not only to the consumer but society as a whole and, perhaps more importantly for the individual consumer, it's an investment with a great rate of return.
Economic literature on human capital also makes a strong case that the consumption of higher education by one individual increases the utility of others in society.
If as a result of my obtaining a college degree I earn more income throughout my lifetime, I will pay more in state, local and federal income taxes that can be used to provide health care, shelter, and parks to a broader population, hence increasing the utility of those consumers.
If as a result of my acquisition of a college degree I follow a healthy lifestyle, I am, in a sense, reducing health insurance costs, not just for me, but for society.
If I gain a skill set from my higher education that ensures me a higher probability of being employed and thus have less need for public assistance, society in general is better off.
Higher education is a consumption good with benefits, not only to the consumer but society as a whole and, perhaps more importantly for the individual consumer, it's an investment with a great rate of return.
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