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On January 9, 2015, President Obama announced a proposal to make community college free for all...

On January 9, 2015, President Obama announced a proposal to make community college free for all students. What would be the benefit to the economy as a whole resulting from this change? Of the four factors of production (land, labor, capital, and entrepreneurship), which factor would be enhanced by such a program? What would happen to the supply of college-educated labor? Would the demand for college-educated workers change? If so, what changes might occur?

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Answer #1

- With the improved access to education through free college, it would help to improve the human capital and entrepreneurship for the young generation. The society would have skilled labor which would increase the productivity and GDP of the nation.

- Entrepreneurship, the ability to take risk and organising

- Supply of college-educated labor would increase with the access to free education

- Yes, the demand for college-educated workers would increase as firms would need skilled labours which would increase their productivity.

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