By J. E. Meade (auth.)
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Extra info for Liberty, Equality and Efficiency: Apologia pro Agathotopia Mea
For we are assuming that for society as a whole the proportion of income which accrues from earnings has been greatly reduced by automation. Institutions in the capital market would no doubt 42 Liberty, Equality and Efficiency need to be appropriately developed so that a very large number of moderate private properties could be pooled through insurance companies, investment trusts, and similar intermediaries so that risks were spread and the ultimate investments chosen by specialists on behalf of the man in the street.
They also include, as they should, in the case of the later stages of education, the wage earnings foregone by the students as a result of staying on at school or university instead of earning their living more promptly. Such is a true capital investment; immediate income is sacrificed for future benefit. When earnings foregone are thus included in the capital cost of an education, the total cost of the later stages of education is greatly increased. 3 it can be seen that in 1957 the capital sunk in the education of the total population represented 40 per cent of the total of physical tangible capital plus intangible educational capital.
Educational capital in labour force 727 1270 317 173 848 535 Efficiency, Equality and the Ownership of Property 37 Of course expenditure on education cannot be treated simply as any other form of productive capital investment. It confers benefits quite apart from the fact that it increases the future commercial earning power of the educated. It enables the educated person to enjoy a fuller life quite apart from any increase in his money income which it may bring; and it has further social advantages in that in many ways it is better for his neighbours to live with him as an educated rather than as an uneducated fellow citizen.