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Education: Is it a public good or private good? Answer and defend using economic theory.

Education: Is it a public good or private good? Answer and defend using economic theory.

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Education is neither purely public or private good. A public good is a good which is non-excludable (means that the non-payers cannot be excluded from using the goods) and non-rival (means that consumption of the good by one person does not reduce its availability to others). A private good is both excludable and rival. Education is excludable i.e. we can exclude a person from availing education who does not pay for it however it is non-rival as educating one person does not make it less available for others. So, education is neither a purely public good nor a purely private good.

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