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Word Count: 362
Prices in the market servers as a consumer index of choice and also producers and suppliers as information about cost are exempted from the knowledge of individuals for the transmission and coordination of information the price system helps in overcoming widespread ignorance that often limits the effective use of scarce resources It allows greater utility of knowledge This insight will give rise to important consequences once it has been accepted as truth as price system will shape the creation of institutional framework where it will operate efficiently or caused to upset the function Hayek 1986 governments have completely disrupted the self-organising mechanism of Higher Education by capping fees which helps solve the issue of complex problems of deciding on which university courses should be provided to meet the demands of employers and students Again university courses and students cannot compare and contrast courses this has denies students key information that leads to confusion distortion and waste of their resources No sector of the world economy can be described as being world class when it does not have a fully functioning pricing system and with politicians free to dictate maximum level of prices at their beck and call concerning services across that sector Dearden et al claim that competition amongst school o decentralise school finance enhances achievement in the UK current government responded in trying to mitigate the potentially negative effects on equity through major initiatives such as the Every Child Matters agenda and Childrens Act 2004 rather than responding by reducing the marketization of education There is a trade-off between efficiency and equity Dearden et al state that a key strength of economics of education is that is produces quantifiable evidence may also constitute its great weakness Giving the illustration in the application of human capital theory to the analysis of education investments in physical capital as education has potentially unquantifiable benefits like increasing individuals self-worth Such benefits would be missed in standard economic
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