Theoretical concepts in the economics of education

D. J. Brewer, G. C. Hentschke, E. R. Eide

Research output: Chapter in Book/Report/Conference proceedingChapter


This article reviews several of the most important theoretical concepts in the economics of education. Three of the most commonly used ideas - human capital, markets, and education production - are outlined in a nontechnical manner for a general reader. These concepts are useful in understanding why individuals choose to acquire schooling, how societies organize educational systems, and how schools use resources. Empirical studies dealing with each of these issues are reviewed elsewhere in the encyclopedia.

Original languageEnglish (US)
Title of host publicationInternational Encyclopedia of Education
PublisherElsevier Ltd
Number of pages6
ISBN (Print)9780080448947
StatePublished - 2010


  • Human capital
  • Incentives accountability
  • Markets
  • Resource allocation

ASJC Scopus subject areas

  • General Economics, Econometrics and Finance


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