Is education a public or private good?

[Devin]

I'm trying to understand whether education is considered a public or private good in economics. Can someone explain the difference and where education fits in this classification?

 

[Gsusangrey]

Education is generally considered a merit good, which is a mix of both public and private goods. It offers significant private benefits to the individual (like higher income) and creates positive externalities for society (like a more informed electorate and a stronger economy).

 

[Jone]

Education is both a public good and a private good. As a public good, it benefits society by fostering economic growth, social cohesion, and informed citizens. As a private good, individuals gain skills, employment opportunities, and higher income. Its dual nature makes it vital for both personal and societal progress.