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Transformation of Theoretical Approaches to the Problem of Higher Education Financing

Author(s): O. Erfort

Journal: Economics of Development
ISSN 1683-1942

Volume: 55;
Issue: 3;
Start page: 50;
Date: 2010;
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Keywords: funding of higher education | technological system | public goods | private goods | public finance | human capital | endogenous growth.

The research of the theoretical aspects of higher education financing represents the interest in the context of the world's economic development and country's transition to the economy of knowledge.Up to the middle of the XX century the low level of the economy science linkage stipulated the possibility of existence of higher education elite system pertaining to the humanities. Accordingly the attention to the issues connected with higher education financing was not paid in economic science. For a long time the theory of social goods has been the only area in economic science where the issues connected with the education financing was considered.The situation changed in the middle of the XX century when, owing to the economy transition in the industrially-developed countries to the fourth technological setup, the need in higher education sector expansion and new technical universities foundation appeared. Just in this period higher education became the independent object of economic researches. Simultaneously with the development of the fifth and origination of the sixth technological setups in the second part of the XX century the research theoretical platform connected with higher education finances at the expense of new theories appearance expanded. Within the scope of such theories as State Finances, Human Capital, Services and Endogenous Theories of Economic Growth, the approach to the higher education and therefore to the problems connected with its financing changes. All economic theories touching upon the subject of higher education and its financing have still been developing. Nowadays higher education is considered as a mixed economic good, the most important component of human capital and country's internal economic growth, sphere of services that is the highest stage of public production development.
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