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It traces the approach to Adam Smith’s human capital investment logic and “invisible hand” market outcomes, then examines a later free-market orthodoxy in education policy, including fee charging, privatisation, reduced public funding, and the expected student response to such 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is the core claim of the free market education view?","Question",{"text":112,"@type":113},"Education should follow market-place laws of unregulated commodity production, emphasizing competition and individual benefits rather than state-supported public provision.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How does the text connect free market education to Adam Smith?",{"text":117,"@type":113},"It says the approach originates in Smith’s idea of education as individual investment in human capital, where social benefits equal the sum of private monetary gains from education and training.",{"name":119,"@type":110,"acceptedAnswer":120},"What policy direction does the text associate with the new free market orthodoxy?",{"text":121,"@type":113},"It describes selling education in the market, using tuition fees and private training, continuing privatisation of schooling, and radically reducing direct public funding, alongside charging fees based on marginal social costs.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},595293,1792969628,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":14,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":81,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":39,"preview_page_count":4},24464137899374,"https://us-avatar.wpscdn.com/davatar_3d24733baf745e90a7e4bdd5f77d97b2","# 31.CTEC,ASTEC Report:Improving the\n\n35.Plant Cell Biology Research Centre,Third  \nAnnual Report,1985  \nResearch Performance of Australia's  \nUniversities and Other Higher Education  \n# 36.ASTEC,op cit (reference 25)\n\nInstitutions—CTEC Response,April  \n# 37.The Report of the Steering Committee to\n\nReview Commonwealth Special Research  \n1987  \nCentres and the Future of the Program,  \n# 32.Scitech,7,5,May 1987\n\nCTEC,November 1986  \n# 33.The Australian,September 3,1986\n\n38.Ibid,Appendix:Assessment Panel  \n34.1.Rae,personal communication  \nReports  \n# Free market education\n\nThe new free market  \nis generally not opposed to taxpayer sub-  \nsidisation of private ventures.  \nWhile strictly speaking education is a  \nservice rather than a material commodity,  \nthe point is that the new free marketorthodoxy wants education to be produc-  \ned according to the laws of the market-  \nplace that govern unregulated commodity  \nproduction.  \nThe new orthodoxy has gained many  \nadherents.  \nIt is supported by most academic  \neconomists and business organisations,  \nand well publicised in the media.It has a  \ngrowing influence in Canberra.  \nFree market assumptions about the  \ndesirability of competition,the individual  \n(rather than social)nature of the benefits  \nof education,and the alleged inefficien-cies and inequalities arising from public  \nprovision are entering the language of  \neducation debate as a sort of new com-  \nmon sense that allparties to the debate are  \nmeant to take for granted.  \nBut orthodoxies are not always right.A  \nclose examination of the policies of some  \nleading frec narket thinkers shows just  \nhow disastrous they would be if fully ap-  \nplied to the education system.  \nAdam Smith and the origins  \nof the freemarket line  \nThe free market theory of education  \nhas its origins in the work of Adam  \nSnith,whose book The Wealth of Na-  \ntions(1776)is relied on as a sort of bible  \nby the new right.  \nIt was Adam Smith who first conceived  \nof education as a process of individual in-  \nvestment in human capital,and argued  \nthat the social benefits of education were  \nequivalent to the sum of the privatemonetary benefits accruing to individuals  \n—the increased earnings resulting from  \neducation and training.  \nIn Smith's view,social prosperity was  \nmaximized when individuals were free to  \ncornpete against each other without state  \ninterference.The ‘invisible hand’of the  \nmarket guaranteed the optimal outcome.  \n## orthodoxy\n\nRecent years have seen the emergence  \nof a new free market orthodoxy in the  \neconomics of education.  \nThis free market orthodoxy stands for  \nselling education in the market place,for  \nprivate universities,for tuition fees in ter-  \ntiary education,for private training rather  \nthan Technical and Further Education,  \nfor the continued privatisation of school-  \ning and for a radical reduction in directpublic funding of education —although it  \nWe have recommended that  \nstudents at universities,CAEs and  \nTAFEs should be charged fees  \nequal t0 the estimated marginal  \nsocial costs of thcir places.We have  \nargued that the external benefits  \n(i.e.the benefits not captured by  \nthe standents themselves)from ter-  \ntiary education are probably neglig-  \nible so that the appropriate fees are  \nroughly equal to the estimated  \ndirect budgetary marginal cost of  \nplaces;we have recommended that  \nstudent assistance schemes be ter-  \nminated and that subsidised loan  \nschemes not be introduced.Critics  \nmay reply that if these policies were  \nimplemented most tertiary students  \nwould abandon their studies.We  \ncertainly expect that many would  \nrespond in just this way;however,  \nwe see this not as a defect of our  \nrecommendations but as their chief  \nmerit.  \n一George Fane,  \nEducation policy in  \nAustralia',Office of  \nthe Economic Planning  \nAdvisory Council,  \nEPAC Discussion  \nPaper 85/08,Canberra,  \nPages 99-100.  \nwhether in the form of a machine ora  \n## 39.N.Dunbar,personal communi","cbCaif2TNwEl3QdC","https://ap.wps.com/l/cbCaif2TNwEl3QdC","pdf",320119,"English","# Free market education\n## Orthodoxy\n## Adam Smith and the origins of the free-market line","[{\"question\":\"What is the core claim of the free market education view?\",\"answer\":\"Education should follow market-place laws of unregulated commodity production, emphasizing competition and individual benefits rather than state-supported public provision.\"},{\"question\":\"How does the text connect free market education to Adam Smith?\",\"answer\":\"It says the approach originates in Smith’s idea of education as individual investment in human capital, where social benefits equal the sum of private monetary gains from education and training.\"},{\"question\":\"What policy direction does the text associate with the new free market orthodoxy?\",\"answer\":\"It describes selling education in the market, using tuition fees and private training, continuing privatisation of schooling, and radically reducing direct public funding, alongside charging fees based on marginal social costs.\"}]","Free market education - free market education | PDF",1792080803]