Private and social benefits, Microeconomics

Private and Social Benefits

Private benefits are those which accrue to an individual. They may be both monetary and non monetary, direct and indirect. Earnings of an individual is an illustration of direct private benefit. Development of desired attitudes, level of confidence, a balanced personality structure and healthy leisure time interests of life are illustrations of indirect or non monetary benefits provided they are the result of a well planned
educational system.

Taxes on income paid by individuals to the state are deducted from private monetary benefits. The aggregate private monetary benefits of all individuals with education along with the taxes paid by them constitute social benefits which are direct and monetary. Attitudes and values commensurate with desired and planned social changes that are spread among people because of education constitute indirect and non monetary social benefits.

An enlightened and informed citizenry, people with civic sense and hygienic habits, people who participate in decentralised decision making processes, vote in elections, send their children to schools, do not discriminate against the girl child, honour and protect minority rights, believe in organised and non violent social actions etc. are illustrations of non monetary social benefits.

Posted Date: 12/17/2012 4:49:16 AM | Location : United States

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