The Economics of Education

It has been argued that high rates of education are essential for countries to be able to achieve high levels of economic growth. Empirical analyses tend to support the theoretical prediction that poor countries should grow faster than rich countries because they can adopt cutting edge technologies already tried and tested by rich countries.

However, technology transfer requires knowledgeable managers and engineers who are able to operate new machines or production practices borrowed from the leader in order to close the gap through imitation. Therefore, a country’s ability to learn from the leader is a function of its stock of “human capital”. Recent study of the determinants of aggregate economic growth have stressed the importance of fundamental economic institutions and the role of cognitive skills.

At the level of the individual, there is a large literature, generally related to the work of Jacob Mincer, on how earnings are related to the schooling and other human capital. This work has motivated a large number of studies, but is also controversial. The chief controversies revolve around how to interpret the impact of schooling. Some students who have indicated a high potential for learning, by testing with a high intelligence quotient, may not achieve their full academic potential, due to financial difficulties.

Economists Samuel Bowles and Herbert Gintis argued in 1976 that there was a fundamental conflict in American schooling between the egalitarian goal of democratic participation and the inequalities implied by the continued profitability of capitalist production.

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Four Modalities of Learning

Learning modalities are the sensory channels or pathways through which individuals give, receive, and store information. Perception, memory, and sensation comprise the concept of modality. The modalities or senses include visual, auditory, tactile/kinesthetic, smell, and taste. Researchers, including Reiff, Eisler, Barbe, and Stronck have concluded that in a classroom, the students would be approximately:

  • 25-30% visual
  • 25-30% auditory
  • 15% tactile/kinesthetic
  • 25-30% mixed modalities

Therefore, only 30% of the students will remember most of what is said in a classroom lecture and another 30% will remember primarily what is seen.

Visual learners are those who learn by seeing. They need to see overheads, diagrams, and read text books, etc. to understand a concept.

Auditory learners must hear what they are learning to really understand it. They enjoy listening, but cannot wait to have a chance to talk themselves. These students respond well to lecture and discussion.

Tactile/kinesthetic learners need to feel and touch to learn…these learners also learn better if movement is involved. They may be those students who are not doing well in school. Instruction geared to the auditory learner can be a hindrance to these learns, causing them to fall behind. One key reason at-risk children have trouble with school is that they tend to be these types of learners. About one-third of students do not process auditorially and are educationally deaf. Students with a tactile strength learn with manipulatives such as games, the internet, and labs.

An effective means to reach all learners is modality-based instruction; this consists of organizing around the different modalities to accommodate the needs of all learners. Most students learn with all their modalities, but some students may have unusual strengths and weaknesses in particular modalities. For example, students strong in the visual modality will be frustrated or confused with just verbal explanations.

The following chart describes each modality and can help you determine your learning style; read the word in the left column and then answer the questions in the successive three columns to see how you respond to each situation. Your answers may fall into all three columns, but one column will likely contain the most answers. The dominant column indicates your primary learning style.

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Survive on Your College Costs

College can be expensive, but it’s possible to both save on costs and make your money go farther once you’re enrolled. Here are 10 big and small ways to cut college costs.

  1. Stay in state—or nearby
    Going to an in-state college can amount to huge savings. The average tuition and fees for in-state students tallied $7,635 in 2011-2012, compared to $17,785 for out-of-state students, according to U.S. News data. If you don’t plan to stay in state, consider regional tuition breaks, which can cut costs, too.
  2. Consider community college
    When money is tight but college is a priority, a community college might be a good option. If you plan to attend a four-year university, consider taking community college courses during high school or the summer before college to start accruing credits early.
  3. Look local
    Scholarships are a great way for all kinds of students to get money for college, and local funding opportunities tend to be less competitive. Don’t overlook small scholarships in your hometown. Odds are, you’ll have a better chance of securing one, and every little bit helps.
  4. Stay on track
    Nothing can cause your college costs to overrun like having to stay in school an extra semester, an extra year, or more. Take full class loads, keep up with your graduation requirements, and focus on earning good grades in every course.
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