Categories
Business Education

Economics of Education: Is Education a Resource?

Photo by Kelly Sikkemaon Unsplash 

The 4 M’s are pretty common in various economic platforms – man, material, machinery, and money. This speaks about various resources. Education, too, is one such resource. Let’s see how

Fundamentals of Economics 

Economics is a term that most of us are already familiar with. It is the study concerned with the production, distribution, and consumption of goods and services. Economics studies these aspects at an individual level and beyond, including businesses, governments, and nations, as well. It helps understand the efficiency in production as well as exchange. It also uses various models and assumptions to understand how to create incentives and policies to maximise efficiency. This helps in understanding ways to increase productivity, efficiently use resources, and improve standards of living. 

Economics helps us make informed decisions, understand various industries, connect systems from an international perspective, and in general, aims to promote growth. Since it is a study of resources and services, it has a connection to education as well. No, not the study of economics but rather, the economics of education. Tricky? Stay with me; let me explain 

Economics of Education 

Economics of education, also known as education economics, studies economic issues relating to education. The demand for it, financing, supply, efficiency of various systems, and so on. While not a broadly known subject area, this concept applies economic theories to education as a service. 

Economics of education

Source: Click here 

For example, let’s look at the picture above. It analyses the resources allotted to the top and bottom 10% financially segregated population. The blue graph (towards the left) shows the bottom 10% and the orange graph (towards the right) shows the top 10%. Although not a recent graph, it gives an idea of how education as a resource is distributed. Particularly, how the distribution seems quite lopsided.

Educational development has seen a lot of changing patterns over time (Read more on the importance of education here). A few studies show that when there is economic development there usually is growth for educational development. Educational development is a powerful tool for growth if used correctly. A well-educated community indicates a community inclined towards employment and sustainable growth. A motive, so to speak, towards accomplishment and figuring out their interests 

Does it matter, though? Are there benefits from allocating these resources? Do they have any impact on the bigger picture? Yes, to all of that. 

Economics of education

Source: Click here 

Implications 

Education is slowly being recognised as a basic right in various countries. As such, it definitely should be something that strives towards equitable distribution of resources. Various countries have started to see the importance of educational development. As such, educational spending is also increasing.

Economic development looks at basic needs being met. Hence, the focus on education and other such secondary spending is increasing. Moreover, education is also seen as a means to fulfill these basic needs. 

Globalization and technological progress has also called for more in-depth studying. This also sees a higher demand for intellectual resources. Usually, the opportunity cost of education is misgauged. A common misconception is that education, when seen as an investment, takes too much time for any real returns. However, education helps an individual to not only keep track of various markets but also identify gaps that they can occupy. 

Conclusion 

Education plays an important role in development. This is pretty much established. Economics helps us understand markets better and hence, optimise resource utilisation. Applying these concepts of economics to education could mean better opportunities and providing more accessible forms of learning. This also means identifying and accommodating the learning needs of such a diverse audience 

Categories
Business Education Learning

Marketing Education and Course Designers: How can Education Benefit From Marketing

Photo by Campaign Creatorson Unsplash 

The World Record…. Egg 

No, that’s not a typo. Yes, you read it right. Egg 

If you aren’t familiar with it yet, a picture of an egg posted on Instagram got over 55.3 million likes. This account now has more than 5 million followers. 

Getting to the point, while posting a picture of an egg on Instagram may not necessarily be a marketing strategy that is widely adopted, it did work, right? The post now has more likes than the average selfie and the account has quite a wide reach. The account now posts other relatable memes that seem to be quite popular.

What did they do right? Not entirely sure either, but it seems like somehow people’s attention has been captured. And that curiosity with the first post made them want to stick around to see more. 

And that is something that marketing works towards as well. 

What is marketing education? 

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. In other words, it is essentially understanding the gap in market and consumer preferences to ensure that the right product reaches those that have the most utility on it.

Marketing is actually not as easy as it may seem at first glance. A lot of marketing education initiatives try to do their best in ensuring learners understand the core concepts of how the market works and so on. However, like most other courses of education, it is more productive to actually put into practice. 

Can course designers learn from marketing? 

Yes, this is actually possible. Marketing is pretty widespread in our current economic scenario. I know, I’m starting to sound like a marketing connoisseur. But hear me out. The biggest celebrities you can think of, the biggest companies, the biggest names in the market – what do they all have in common? A good marketing strategy.

Why is your favorite brand your favorite? Maybe because you find them relatable, or they have exactly what your preferences or they just somehow appeal to you. Either way, they’re doing something right – winning you over. 

And if you think about it, course designers can also benefit by implementing marketing into their course structure. Here are a few examples: 

  • What exactly are learners looking for? 
  • What type of a structure could benefit the learner the most? (Read more here
  • How can the course designer come up with engaging content that makes the learner voluntarily pay attention? 

These are actually some ways in which course designers can use marketing to ensure they have an efficient layout for their course. 

Branding in course designing 

Branding in this case is essentially giving the course a distinctive identity. What would make learners pick this particular course from the many, many courses already available online? That’s something that the course designer will understand better after they understand their audience, the learners, better. 

This helps the course designer to effectively market their course by giving the learners what they’re looking for. 

Conclusion

There’s much that course designers can learn from marketing and use to structure their courses. From understanding what learners require to structuring it in a way that works efficiently for them, marketing education does play a role in creating a course that students like.