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A month ago
If the government did not provide and subsidize education:

▸ parents would acquire less education for their children than is efficient because some of the benefits of education are private and some are social.

▸ no children would receive an education because the benefits of education are public goods.

▸ parents would acquire the efficient quantity of education for their children, because all of the benefits of education are private.

▸ the education market would reach efficiency.
Textbook 
Microeconomics: Principles, Applications, and Tools
Edition: 8th
Authors:
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A month ago
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parents would acquire less education for their children than is efficient because some of the benefits of education are private and some are social.
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