Economics Of Higher Education: Lessons from Past and Way Forward

The scope of economics of Higher education encompasses overall funding including government funding, private donations, and student tuition and cost benefit analysis. The role played by human capital in the development of the mankind is becoming more important in the advent of technological revolution. The study of economics of higher education helps in identifying challenges and opportunities such as increasing costs, declining enrollment, and changing student demographics. As India with its large pool of young population needs to take appropriate policy measures in the field of higher education to attain its dream of Vikasit Baharat by understanding the issues in higher education. The access to higher education to masses is key for the growth of the countries like India with its massive size of young population. But it is a challenge. The skyrocketing cost of higher education on one hand and the growing aspirations of the young population needs to measure the cost and benefits of higher education and find out working solutions for it. The expert studies and the recommendations made by various committees act as a torch bearer to adopt a progressive a pragmatic path. India is posed on the cusp of global opportunities needs to follow blended approach not only in delivery of higher education and financing of higher education. Indian economy with 4 trilliondollar size will surpass other economies and will become second largest economy by 2047 needs robust educational system. Higher education system needs to reboot for this challenge.