Benefits of education, Microeconomics

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Benefits of Education

The returns a person/society (state/government) gets from acquiring education is referred to as benefits from education. If such returns are paid/received through money it is known as ‘monetary benefit’. If it is in terms of knowledge, skills, self-confidence (including personality development and mental health), it is known as ‘non-monetary benefit’.

Monetary benefits are also therefore called ‘direct benefits’ while non-monetary benefits are referred to as ‘indirect benefits’. If the returns are to individuals (i.e. a student or parents) it is ‘private benefit’. If the returns are to a government or society (e.g. income tax paid by individuals, benefits to the community accruing from educated population in general, etc.) it is known as ‘social benefit’. Social returns, like social cost, are also composed of both private earnings as also returns/benefits to society.


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