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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Returns to tertiary education and suboptimal education funding: the case of Lesotho
Author:Honu, BrightISNI
Periodical:Lesotho Social Sciences Review (ISSN 1028-0790)
Notes:biblio. refs.
Geographic terms:Lesotho
Southern Africa
Subjects:higher education
cost-benefit analysis
Education, Higher--Aims and objectives
Economic development--Effect of education on
Abstract:Given the high estimated private and social rate of return to all levels of education, and the acknowledged relevance of education to economic growth, has the Lesotho economy realized the potential public benefits of university education commensurate with the increased investment in higher education? This question is pertinent because enrolment at the National University of Lesotho has increased from about 1855 in 1994 to roughly 6720 in 2006-2007. The approach used to estimate the private and social rate of return to primary and secondary education, which provides mainly a generalist education, is adequate. However, this approach provides a misleading picture of the economic impact of university education. At the university level, the private and social benefits of education should ideally be measured for particular fields of qualification rather than for a generic 'university education'. This may explain why increased university education has so far generated little or no positive externalities in Lesotho. In fact, some university courses may even generate negative externalities. It is suggested that the government use the funding it provides the National University of Lesotho and its student loan scheme as leverage to bring the University's courses and the skills acquired by graduates more into line with those needed by the economy. App., bibliogr., notes, ref., sum. [ASC Leiden abstract]