Liz Veal (Editor of econoMAX) writes: Here in the UK we take for granted our education – my daughters have the same educational opportunities as my son; my sisters and I had the same chances as my brother. Education for all, irrespective of gender, is highly valued in our society and we are well-aware of the private and external benefits of education. In economics, we teach that the market would fail to provide enough education as it would be under-consumed because of the extra benefits to society that private individuals do not appreciate. This information failure is overcome with public sector provision of education, compulsory by law until aged 16.
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