One of the key functions of the government is to support access of key services like health and education. In that respect, the government applies strategies like subsidization to enhance access of such services for all including the low income class. However, there are critics about the efficiency of such efforts and this analysis seeks to analyze such efforts’ costs and benefits as well as efficiency. To achieve the objective, the analysis explains the effects that lack of public education would have to both low and upper income classes. Further, the analysis evaluates critics and success of public education and explains what can be done to improve it with a cost benefit analysis of supporting such effort through tax payment.
Discussion
- Government provided public education
Average people without public education
Education is a worthwhile investment considering the numerous benefits that accrues to the individuals that pursue it and to the society at large. However, education does not have immediate benefits but rather takes long to repay in addition to being expensive to acquire. In that respect, the high cost and lack of near future benefits would deter average people from pursuing it in absence of public education as they would not afford it and would also opt to pursue less costly ventures that have immediate benefits. Thus government support through provision of public education enables the average person access services that they would not afford in private. (Frank & Bernanke, 2001)
The rich in absence of public education
In absence of government support, education would be very expensive as a result of the high demand hence only a few with significant income would access it. Further, one of the reasons that government seeks to subsidize education and provide public education is because the market would not achieve efficiency in education services provision if left on its own. Thus efficiency in terms of quality of education would also lack hence even the rich would not get quality education; a factor that would limit their success. In addition, lack of support skills to the rich through access to skilled labor would limit their success since there would be limited labor supply in the market. (Barron & Lynch, 1989)
- Public education criticism, success and cost benefit analysis
Improving education
With increasing call for development of an education system that is more relevant to the modern society needs, there would be a need to enhance education system to deliver quality education for the society. Thus an increase in education sector funding by the government would improve education services through development of modern education programs and systems that feature the modern world technological advance. Thus, it means that children would have access to programs, facilities and learning methods that equips them with skills that are relevant to the market demand. (Barron & Lynch, 1989)
Cost benefit analysis of supporting public education through tax payment
With increased funding for education, the government would need to raise more revenue to meet the funding obligation which would translate to an increased tax payment obligation to the society. However, the tax payment cost to the society would be less compared to the benefits that would accrue to it over time and in long-run in terms of skills, increased ability to earn, developments and innovations. Further, the society’s welfare would improve with high living standards, more jobs creation and less crime. Thus the cost of supporting public education through tax payment would be worth the benefits that would accrue to individuals and the society at large. (Frank & Bernanke, 2001)
Conclusion
The analysis has demonstrated that critical services in the society require government’s support in order to enhance efficiency and fairness in their access that would seek to promote welfare improvement for all income classes. Absence of government’s support for education would leave its access only to the affluent; a situation that would increase class gap and ineffective income distribution with lack of skills for the low income. On the other hand, the benefits of education to the society as a whole are greater and exceed its cost in terms of the tax that people pay in support of such efforts hence being a worthy cause to support with tax payment.
Works cited
Barron, John and Lynch, Gerald. Economics. Richard D. Irwin Inc, 1989. Print.
Frank, Robert and Bernanke, Ben. Principles of Microeconomics. New York: McGraw/Hill-
Irwin, 2001. Print.
