Young People Want Everything for Free - Or Do They?
When we discuss government expenditure, whether we increase spending in health, defence or other sectors of the economy we never say that doctors want hospitals for free, we never say soldiers want more weapons or vehicles for free. So why is it that when students ask for improved or cheaper & more accessible education there is a belief that it's just young people wanting more stuff for free?
The government budget is one of the most hotly debated economic topics and so it should be - it's dealing the money that has been taxed from hard working people and they want to see it put to good use. It is also a large component of the gross domestic product of the economy, taking a large portion of aggregate demand in most economies. The argument, simplified, is whether or not public education receives funding and whether or not this debt should be a public debt or a private debt.
The argument from a public debt perspective is this: that when those are educated finish their education and enter the workforce, they will eventually pay for this 'public debt' back through their taxes and through their contribution to the economy (a discussion which can be be brought back to the multiplier effect, a post for another time). On top of this, people should be allowed to enter the jobs and employment in which they wish without the worry that they will be taking on large amounts of debt in the process. This is how an economy diversifies so as to not concentrate its workers in a few wealthy sectors of the economy and to protect its stability in the long-term. Many tertiary-educated people are essential components to our society, notably, doctors, teachers, lawyers, engineers, scientists and so on.
The argument from a private perspective is this: It is a choice that people make for themselves and the rest of society should not be paying for such individual choices. You don't need to enter tertiary education to gain employment or contribute to our society. Many essentially components of our society are also non-tertiary educated people including: trades workers (i.e. construction workers, plumbers, labourers), chefs/cooks, police and so on. On top of this, the argument also takes into account the large amount of public debt that already exists which is billions in most advanced economies up to several trillion in the United States and without new revenue methods, such as new taxes (which a majority of the population may not be willing to pay) expenditure would need to be cut from other essential spending areas to cover for this. Also, there are some people who are tertiary-level educated whom cannot seem to find employment, in part due to global economic stagnation (as demand for labour is a derived demand), but also because of a lack of matching skillets and qualifications for an ever-changing economy.
However, boiled down to its roots, education in its simplest form is a human right, regardless where you stand on the political spectrum. Whilst public money is important to distinguish, what we are seeing is this - our global society is moving and transforming to one that is heavily reliant on the ability and power of the brain, intelligence and knowledge. Without proper training, education and qualifications, we won't progress as fast as we need to prosper. Almost every sector in the economy is undergoing 'digital disruption' a term that is used to describe some form of technological change and influence and with technology comes increased reliance on brain power. Traditional manual labour was trained in smiths and trade schools/workshops and brain/intelligence training occurs in universities. If we want to make sure that everyone is okay, that our society can progress, why won't we take the step to make sure that our citizens are well educated and prepared for the future?
It is simple to say that young people want everything or that they don't understand how important it is that public dollars are spent efficiently. However, I believe, that young people understand this more than ever before. They want to make sure that they are prepared to be productive in the economy in the future, that they can make sure that they can provide for the families and for themselves, so that they can have the economic security and stability that their parents and their grandparents used to have.
The argument from a public debt perspective is this: that when those are educated finish their education and enter the workforce, they will eventually pay for this 'public debt' back through their taxes and through their contribution to the economy (a discussion which can be be brought back to the multiplier effect, a post for another time). On top of this, people should be allowed to enter the jobs and employment in which they wish without the worry that they will be taking on large amounts of debt in the process. This is how an economy diversifies so as to not concentrate its workers in a few wealthy sectors of the economy and to protect its stability in the long-term. Many tertiary-educated people are essential components to our society, notably, doctors, teachers, lawyers, engineers, scientists and so on.
The argument from a private perspective is this: It is a choice that people make for themselves and the rest of society should not be paying for such individual choices. You don't need to enter tertiary education to gain employment or contribute to our society. Many essentially components of our society are also non-tertiary educated people including: trades workers (i.e. construction workers, plumbers, labourers), chefs/cooks, police and so on. On top of this, the argument also takes into account the large amount of public debt that already exists which is billions in most advanced economies up to several trillion in the United States and without new revenue methods, such as new taxes (which a majority of the population may not be willing to pay) expenditure would need to be cut from other essential spending areas to cover for this. Also, there are some people who are tertiary-level educated whom cannot seem to find employment, in part due to global economic stagnation (as demand for labour is a derived demand), but also because of a lack of matching skillets and qualifications for an ever-changing economy.
However, boiled down to its roots, education in its simplest form is a human right, regardless where you stand on the political spectrum. Whilst public money is important to distinguish, what we are seeing is this - our global society is moving and transforming to one that is heavily reliant on the ability and power of the brain, intelligence and knowledge. Without proper training, education and qualifications, we won't progress as fast as we need to prosper. Almost every sector in the economy is undergoing 'digital disruption' a term that is used to describe some form of technological change and influence and with technology comes increased reliance on brain power. Traditional manual labour was trained in smiths and trade schools/workshops and brain/intelligence training occurs in universities. If we want to make sure that everyone is okay, that our society can progress, why won't we take the step to make sure that our citizens are well educated and prepared for the future?
It is simple to say that young people want everything or that they don't understand how important it is that public dollars are spent efficiently. However, I believe, that young people understand this more than ever before. They want to make sure that they are prepared to be productive in the economy in the future, that they can make sure that they can provide for the families and for themselves, so that they can have the economic security and stability that their parents and their grandparents used to have.
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