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Markets in Higher Education: Can We Still Learn from Economics' Founding Fathers?

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  • Teixeira, Pedro Nuno

Abstract

Markets or market-like mechanisms are playing an increasing role in higher education, with visible consequences both for the regulation of higher education systems as a whole, as well as for the governance mechanisms of individual institutions. This article traces the history of economists’ views on the role of education, from Adam Smith, John Stuart Mill, Alfred Marshall, and Milton Friedman, to present-day debates about the relevance of market economies to higher education policy. Recent developments in higher education policy reflect both the rising strength of market mechanisms in higher education worldwide, and a certain ambivalence about these developments. The author argues that despite the peculiarities of the higher education sector, economic theory can be a very useful tool for the analysis of the current state of higher education systems and recent trends in higher education policy.

Suggested Citation

  • Teixeira, Pedro Nuno, 2006. "Markets in Higher Education: Can We Still Learn from Economics' Founding Fathers?," University of California at Berkeley, Center for Studies in Higher Education qt1vr4f0b2, Center for Studies in Higher Education, UC Berkeley.
    • Handle: RePEc:cdl:cshedu:qt1vr4f0b2
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    1. Rothschild, Michael & White, Lawrence J, 1995. "The Analytics of the Pricing of Higher Education and Other Services in Which the Customers Are Inputs," Journal of Political Economy, University of Chicago Press, vol. 103(3), pages 573-586, June.
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    Cited by:

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    2. Guilhem Lecouteux & Léonard Moulin, 2015. "To gain or not to lose? Tuition fees for loss averse students," Economics Bulletin, AccessEcon, vol. 35(2), pages 1005-1019.

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