Selected Economic Theories and Their Relevance to Higher Education Funding
DOI:
https://doi.org/10.15678/krem.839Keywords:
human capital, rate of return to tertiary education, effectiveness of higher education institutions, financing of higher educationAbstract
The objective of the article is to present the main economic theories as they apply to higher education financing: human capital theory, enterprise (organisation) theory and the economics of the public sector. Human capital theory is applied in the study of the impact of monetary and non-monetary determinants on decisions concerning entrance into higher education. The theory of the enterprise leads to a better understanding of efficiency in education provision while the output of the public sector economics is used in determining the level of state intervention in the financing of higher education.
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