Externalities:

The market system allocates based on private demand and supply. In order to take into consideration the public costs and benefits we need to correct for those impacts and as a result:

• Increase the demand for goods which provide external benefits (through subsidies, low/no interest loans for education, scholarships, tax breaks etc…)
• Decrease the supply of good which create external costs (through taxation and banning certain products)

Education:

Private benefits of education:

= the additional income that you will have earned as compared to your earnings without your education

This is a discussion assignment. List the social benefits of education taking into consideration how a better educated individual will be able to impact the economy, Those impacts can range from employment, production all the way to better medical health for the population.

You will be posting:

1-ONE social benefit of education at a time. Please pick the one that you think is most important. Explain how it will benefit society beyond what the individual benefit to each member of society.

2-Make sure that you do not repeat what has already been posted and

3- you will also respond to one of your colleagues

4- you should include a live link to an article supporting your postion

5- your post should not exceed 250 words.

I will be posting a list of consequences on the weekend. Analyzing this will help you understand the topic better.