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Department of Education, Faculty of Social Sciences International Islamic University Islamabad

Course outline Economics of Education (MS)


Dr. Amajd Ali Arain
Course Title: Economics of Education Introduction: Economics of Education is an emerging field of study in the world. In many advanced countries this subject has gained special status as a field of research. This course will broaden their horizon and will provide essential competencies in the field of economics of education. This course will serve as a foundation to advance and apply knowledge and skills in the field of economics of education and research. Course objectives:The principal objectives of teaching Economics of Education course at MS. level are: To develop an in depth understanding of Economics of Education To equip students with the basics Themes and Principles of Economics To identify and explain the investment/ cost and production of education To provide an understanding of different types of resource in education To prepare students for an effective allocation and management of resources To broaden the understanding of Market and its importance for all stakeholders in Education Unit 1 Introduction Course code: ED-.......

a) Introduction and Scope of Economics of Education b) Economic Value of Education c) Islam, Education and Economics d) Inputs and Outputs of Education Unit 2 Themes of Economics

a) Micro-economics b) Macro-economics c) Market and its Types

d) Capital and its Types e) Growth f) Production g) Supply and Demand h) Elasticity of Demand i) Opportunity cost j) Societal Values k) Efficiency l) Equity m) Knowledge Economy Unit 3 Investing in Education

a) Human Capital and Economic Growth, Productivity b) Direct and Indirect Cost c) Cost-Benefit and Cost-effectiveness Analysis d) Estimating the Costs of Education Inputs e) Education as both Input and Output f) Educational Attainment and Earnings g) Estimation of private and social returns of different types of education Unit 4 Financing of education

a) History of Education Budget in Pakistan b) Financing of Education in Pakistan: Primary, Secondary and Tertiary c) Comparison of Budget Allocations in Pakistan and Other Countries d) Analysis of Education Policy and Recent Reforms e) Financing, Funding and Supporting Education at Institutional Level Unit 5 Education, market and society

a) Non-Profit and For-Profit Institutions b) Economic Productivity of Public and Private Sector institutions c) Education Market at National and International Levels d) Non-Graduate and Graduate Labour Market in Pakistan e) Teachers in Public and Private Sectors: Issues of Supply and Demand References:Asadullah Niaz (2009) Returns to private and public education in Bangladesh and Pakistan: A comparative analysis, Journal of Asian Economics Volume 20, Issue 1, January 2009, Pages 7786

Aslam M., and Kingdon G., (2012) Can education be a path to gender equality in the labour market? An update on Pakistan, Taylor & Francis Group Beegle K., Dehejia R.,and Gatti R. (2009). Why Should We Care About Child Labor?: The Education, Labor Market, and Health Consequences of Child Labor. Journal of Human Ressources. Vol. 44, No. 4,pp. 871-889. Brewer, Dominic J., Patrick J. McEwan (ed.) (2009). Economics of Education. Amsterdam: Elsevier. Burtless, Gary. (1996). Does money matter: The effect of school resources on student achievement and adult success. Washington D.C.: Brookings. (ISBN: 0-8157-1275-8). Bressoux P., Kramarz F., Prost C. (2009). Teachers' Training, Class Size and Students' Outcomes: Learning from Administrative Forecasting Mistakes. The Economic Journal. Volume 119, Issue 536, Pages 540 - 561. Checchi, Daniele (2006). The economics of education: human capital, family background and inequality. Cambridge University Press Dolton, Peter (2004). Recruiting High-Quality Teachers. CESifo DICE Report - Journal for Institutional Comparisons 2 (4): pp. 11-20. Hanushek, .E and Dennis Kimko. (2000). Schooling, Labor-Force Quality, and the Growth of Nations. American Economic Review. 90 (December), pp. 1184-1208. Hanushek E., Machin S., Woessmann L., (2011) Handbook of the Economics of Education Volume 4, Volume 4 ISBN-10: 044453444X Harmon, Colm, Hessel Oosterbeek and Ian Walker (2003). The Returns to Education: Microeconomics. Journal of Economic Surveys 17 (2): pp. 115-155. Hanushek, Eric A., Steven Machin, Ludger Woessmann eds. (2011). Handbook of the Economics of Education, Vols. 3 and 4, Amsterdam: North Holland. Houtenville, Andrew J. and Smith Conway, Karen (2008). Parental Effort, School Resources, and Student Achievement. Journal of Human Ressources. Vol. 43, Issue 2, pp. 437-453. Psacharopoulos, George and Harry Anthony Patrinos (2004). Returns to Investment in Education: A Further Update. Education Economics 12 (2): pp. 111-134. Monazza Aslam (2009) Education Gender Gaps in Pakistan: Is the Labor Market to Blame?, Economic Development and Cultural Change Vol. 57, No. 4 (July 2009), pp. 747-784 Rummana Shah (2007) Impact of Higher Education on Earnings of Women in the Public Sector Educational Institutions in Pakistan, International Business & Economics Research Journal Vol 6, No 11 Trostel, Philip, Ian Walker and Paul Woolley. 2002. Estimates of the economic return to schooling for 28 countries, Labour Economics 9: 1-16.