wisdomhoots

Approaches – Distance, Open and Traditional educational institutions have adopted distance or online mode for delivering education. They use various tools like (i) e-portfolio for assembling digital assets on the web (ii) e-performance support system for employee to manage digit learning assets specific to their job performance (iii) personal digit assistant to manage the time and activities (iv) electronic storage device for data portability and back up (v) audio and video players, (vi) websites (vii) web 2.0 and 3.0 tools for video calling and exchanging messages (viii) community management software (ix) discussion and bulletin boards (x) collaboration software (xi) e-mail (xii) blogs (xiii) wikis and (xiv) Learning Management Software (LMS). Instruction design are guidelines based on the best practices and theories. There are two most commonly used instruction design approaches for imparting online education  A: objectivist (based on behaviorism and cognitive science) – change in behavior is the learning objective subsequent to the understanding of the reality and  B: constructivist (based on constructivism and cognitive science) – the learning objective is to help the learner to conceive its own view of the (new or existing) reality or events (personal, social, radical, educational) based on its own experience.  Social and educational constructivism impacts the curriculum design. Learners correlate existing reality with the new reality or knowledge, in order to make a sense out of it (i.e. no rote memorization or forced acceptance of reality in a predefined manner as factual knowledge). Its up to learner to order, re-order, test or interpret the new reality or knowledge. This hence promotes expression or personal opinion about the subject of study and receive feedback on the same.  There are multiple models to implement this approach – collaborative and socio-cultural approach wherein learners are brought together for discussion and information sharing. The technologies enable the diverse socio-cultural environment (learners) for collaborative learning.  There are multiple principles associated with the constructivist approach:  (i) creating realistic environment sensitive to the context under study  (ii) solve real world problems  (iii) instructor to act as a coach  (iv) promote multiple conceptual interpretations  (v) discussion objectives are arrived at (negotiated) and not imposed or forced upon  (vi) evaluation is self-analysis or reflections  (vii) tools and environment is provided to support generation of multiple perspective – authentic (real world), negotiation, relevant content, facilitators or guides (instead of teachers), motivating for sharing personal opinions fearlessly i.e. without a fear of rejection or non-acceptance (interactive), content relevant to the prior knowledge of the learners (most challenging part), formative assessment of learner for feedback and learning experience and self-regulated or self-mediated environment (project and choice based control and collaboration for a conclusion) like self-tests or quizzes and group and individual projects and assignments based on choice of topic or area of focus.  (viii) learning is controlled and mediated by learners themselves.  C: Mixed Approach i.e. based on the learning objectives or tasks, choose the most relevant approach (use multiple models or theories) to achieve the desired learning outcomes. It also means to include tools for both distance and online or face to face mode of delivering education.  Normally it suits the workplace learning environment. The learners get to learn and apply in the workplace the new knowledge acquired and consummate experience collectively based on the real outcome and feedback. It encourages both external knowledge discovery and research  based on the workload and the internally supplied knowledge. It provides both group learning and implementation and individual learning and working or applying environments.  Supports face and face and digital interactions as per the need of discussion. Teachers in an online education environment has a pedagogical role that includes  (i) they should have online learning experience as well to ensure quality of the education and online learning material  (ii) they need to be trained and prepared for the online teaching based on the best practices (should not just implement these best practices without knowing the needs of their learners) – objectivism and constructivism i.e. to be able to play a role of  a coach as well as a conventional teacher.  Teacher should be able to frame open ended questions to promote discussions and invoke learner’s interpretations and reactions and opinions (didactic communications).  (iii) understanding of summative evaluations and formative self-evaluation – group and individual assessments and team work environments. (iv) group and context sensitive precise interactions and communication in a distance or online education mode considering the socio-cultural aspects like beliefs and value system and language related sensitivities and challenges that influence the flow of dialogues. Navigating through the criticisms and divergence which are culturally sensitive or appropriate. It needs teachers to get to know the students (prior to engaging with them) so as to communicate with them effectively (relationship building needs sufficient knowledge about the audience and how they behave in group and individual settings) and encourage face to face interactions and meetings as much as possible when it comes to delivering instructions. Collis, Vingerhoets and Moonen (1997) identified seven dimensions of diversified and multi-cultural environments – social organization of course, structure of course content, activities and progression,  course materials, mode of interactions, technical platform and language. It includes the conditions under which the course is being delivered.  There are other models too that address the socio-cultural aspects of the ODL – Seufert’s cubic model, McLoughlin’s Inclusive Pedagogical Model, Henderson’s Multiple Cultures Model, Rutherford and Kerr’s e-pedagogies etc. (v) collaboration (scheduled or unscheduled interactions, inherent stresses and flexibility based on varied prior knowledge or experience) and feedback (peer versus teacher provided).  Teacher should be able to divert or let people make the best of of the discussion boards and have suitable interventions to pick the feedback or questions or interpretations on this tool (that might come at some scale and need a response). Leverage such a feedback to muck dynamic changes for better acceptance and continuity of the education. Exercise control (to promote active participation and learning) without getting inflexible from time, pace and outcome perspective.  Designing courses for Online Distance Learning (ODL), course designers need

Training Needs Assessment (TNA) – Every training need, needs to be assessed from the perspective of what is an optimal  performance, what is an actual actual performance and what are the feelings of the stakeholders attached with the training needs. Optimal and actual performances will have gaps to be plugged and these gaps might be existing owing to (a) lack of skills or knowledge (b) undesirable environmental constraints (c) few or improper incentives and (d) lack of will and motivation.  In order to assess the need for a training program, in terms of optimal, actual and feelings , it has to be done at three levels, institution (includes organization, its processes including learning and development process and the roles or jobs defined that need to be performed to achieve the organizational objectives), instructors and individual learners. The best way to understand these gaps at three levels, is to conduct interviews and discussions with the concerned stakeholders to seek information on the skills (and existing programs, processes and jobs/roles needed to execute these processes across the organization, in terms of their effectiveness to address the performance gaps or problems), motivation including time and effort constraints and business priorities, incentives and environmental constraints.  Methods of conducting TNA and prioritizing the training needs: Development Centers carry out such TNA exercises at a sector or nation level. They can deploy questionnaires and tools to assess the careers and fitment of role personalities for these careers to establish the training needs in an institution or industry. The outcome of such interventions is to have clearly defined training programs for each type of role across the industry sectors or business functions. Then these needs are mapped to distance and conventional methods of delivery as a responsibility.  Human Resource Audit helps in understanding the jobs and how they are evolving in order to understand and define how the human capital has to be developed from the employability and future perspective. It captures and quantify the job inventories, vacancies and wastage. These audits help manpower planning in a long term sustainable manner. Each nation may define which areas are important for them to focus and invest for their training and education needs.  Interviews are common methods of studying the needs. It could be structure and/or unstructured for gathering information in depth using conversational approach. It can save time and can leverage technologies or media to gather information at a scale.  Observation can be used as a method to assess a training need. This is possible when one has time and right observation methods and tools to gather information and analyze them without much of conversations. It needs one to prepare the schedule for observation, understand what components of the job or process needs to be observed and how to capture these observations and share it with others for training need analysis.  Performance reviews and appraisals which otherwise have become more of compensation management tools are actually good tools to assess performance gaps and the reasons behind such gaps or outliers. It can help plan the performance levels and the required training programs in a proactive manner.  Questionnaire and surveys  are other tools which can have open ended and closed questions to systematically gather information for the training requirements. This can be used to assess the individual level training needs and expectations.  The responses can help the course designers to develop as well as tailor the courses based on the responses.  Review of Plans provides necessary information about the future of business or enterprise and hence helps extract the training and development needs. It doe not point the individual level needs but helps assess the needs at a sector or business function or competency area level. Desk Research helps gather relevant literature and prior studies externally available (past data and facts, from other or same industries or nations) otherwise that can help in enriching the information gathered internally (time sensitive). Group Discussion is another way to extract information and validate the training needs as it can have questions and cross questions to examine the facts or needs and could have people from across the hierarchies to justify and fund these training needs.  It also helps cross functional teams to come together and participate from end to end perspective. Some of the training teams would need instructors from across the organization or business functions too. Group discussion can facilitate need identification (consent based). It can help set business priorities to these training needs in a time and cost constrained environment from implementation perspective. Some training needs are more important than others based on the jobs or roles and its importance for the organizational objectives. Developing awareness the training needs and formulating objectives: (i) Roles/Jobs  (ii) Skills needed to be performed at a job or role level and for the trainers to deliver the training as per the needs – theory is good for compliance but for actual benefit, there should be practice tests or practicums in a course to ensure that these skills have been developed, demonstrated by actual application of skills and knowledge,  in a real world scenario as per the context and the job in terms of expected performance or results from the learning process.  (iii) Trainers and self-perceptions – expertise, trust worthiness, dynamism (iv) Trainees and self-perceptions – rewards, satisfaction level, intrinsic and extrinsic motivations, value, reactive or active learner (proactively seeks knowledge or waits to be provided with). Proactive learning styles are best suited for lifelong learning and proactive learning is a must for trainers while learners could exhibit reactive or proactive style towards learning as a behavior. In proactive learning, the learners seeks out for clarifications proactively and trainers seek the students out in an attempt to assist them prior to they finding themselves into a problem. The same is valid for the non-teaching staff working on provide support services to students or administrative services to the faculty members. They need to have proactive styles too as a part of self-perception. (v) Training programs

Training to develop self-learning print materials –  Training in student support services – Objective, Target Group, Methods, Resources, Schedule Day 1 : ODL, LSS, SLM, GD Day 2: AC R, DEMO, Role Play Day 3: KAS, Communication, Assignment, Evaluation Feedback, Valediction Training of non-teaching support staff – Word Processing, Collective Work, Record Keeping, Information Retrieval, Equipment Maintenance, Academic Association, Information Sharing, Hospitality, Professionalism, Sense of Responsibility, Self-Discipline. JD – Assistant, Section Officer, RegistrarStaff Training and Development – Beyond Roles and JD and Trainings – rotations, coaching, visits etc MIS and role Evaluation of Training – Approaches – Goal Based, Goal Free, Responsive, System evaluation, Professional Review, Quasi Legal 

Staff development for distance education is not a recent phenomenon. It has been in existence since 1970s. Initially the open universities did not assume any formal training for staff development. It was assumed that on the job training for them will be sufficient for them to develop and deliver the courses.  In ODL or DE, quality of the educational or teaching material is the first indicator or determinant of credibility. It needs a course team to put the study material together for a course. Often these teams are needed as the course material could be interdisciplinary in nature and the medium or media used to develop this material needs technical or media experts to be part of the team.  A course team is needed as the course produced by a method will be much better than the one prepared by an individual faculty. The course development team needs training the most in the case of distance education. A course team needs subject matter experts, an editor, a technologist, a producer, a course administrator and a staff tutor. One of the subject experts act as a chairperson of the course team. He or she is responsible to conduct meetings and keep the team together during the process of course development. The subject matter experts of academic team work together under the chairperson, coming from across the departments and with the non-academic team but they are held accountable to their respective departments. Non-academic staff could also include personnel such as graphic experts, project control staff, librarians etc.  The draft units are prepared by the individual academic contributor and discussed with the whole team. The modifications and suggestions are incorporated based on the team feedback.  The functioning of the course team is not always smooth or as expected. Some of the challenges could be  (i) getting the right academics – subject expertise, writing skills, teaching skills, time consciousness and cost consciousness  (ii) clash of egos and  (iii) problems in integrating specializations as people find collaborating and understanding each other, a  complex process. Despite such team work oriented challenges inherent to the course team, it is expected that it  (a) produces excellent teaching material by seamlessly integrating content and expertise from across the disciplines. (b) trains its course team members selectively as needed from time to time to keep pace developments in the market (c) develops the course material quickly and within the budgeted cost. The value of the course content increases on each iteration. and  (d) goes beyond the course development and works on delivering it too in an engaged manner. Course consists of  (i) theoretical studies (ex curriculum, educational technologies, science of learning etc)  ii) management studies (ex staff management, facility management, copyright and contracts) and  (iii) production skills (ex graphics, editing and recording). It needs staff development on the three components. The target groups (the staff) engaged in distance education need to be trained in a dedicated manner with a help of professional course, whether its a developing or developed nation. The objectives of such staff development training courses are – to make distance education relevant to the country and its HRD objectives, help make an informed choice of various methods of distance education, help organize the administration aspects of delivering the distance education and revise and maintain the course content. Course content development for staff typically  includes activities like conducting workshops for – planning, producing printed materials and non-text (AV) materials, projects on under specific themes and case studies from the countries.  Distance education trainers are not taught as distance educators. They are trained in the fundamentals of distance education, by being a distance education learner themselves. It is the same training that a typical educator would need. They are taught about challenges that come in when delivering distance education which are not present otherwise in the conventional or face to face programs. They are taught the program or trained in the same environment as typical the students will face in a distance education mode.  The training this way imparts more relevant experience to them. The reason being, distance educators of today might not have been distance learners themselves. Hence they may not have practical exposure to what a student in a distance education mode goes through as an experience. They need to understand what “an individualized or personalized learning” means to a distance learner. There are four kinds of parameters that need to be considered for a staff development program:  (1) structural parameters like course function, modes of instruction, subject characteristics, subject location, teach characteristics, student characteristics and professional assistance  (2) instructional parameters – motivation, goal, cognitive aspects of learners, signposting, activation (questions and activities), feedback, transfer and retention and assessment and evaluation  (3) effectiveness of parameters. Addressing the the three level of concerns of the staff – impact, task and self-concern, designing the program as per staff needs, and  (4) staff development stages – define what is new in the training, identify the concerns related to the new learning, organize them in different groups. relate each group with the objective to be achieved, prepare blueprint for design and implementation of the program.  The course to cover – concepts and philosophy of the DE, socio-economic relevance of DE, characteristics of the instructional material, practical and support services. Circular Issues- Just like any students, the staff in DE has an educational need. Hence there is a need to put a methodology that can answer such questions like why training is required – professional training needs to adapt to the new changes in the system quickly and contribute to the change, who need training – professional experience in terms of pursuing distance education a  career or those who are active in social reforms using DE, who will train and whom (trainees) – professional trainees like planners, administrators, technologists, facilitators and non-professional trainees like policy makers, politicians, community leaders, housewives, liaison agents – parents, religious agents etc and what should be the characteristics of the trainers for distance education programs –

The increase in monetary value of the goods and services produced in an economy in a given time period or a fiscal year (short term) is referred to as economic growth. It is a quantitative measure of business transactions taking place in an economy. It is measured in terms of the increase in the aggregate market value of additional goods and services produced by using concepts like GDP and GNP. When compared to economic development (multi-dimensional aspects to measure a nation’s quality of life), economic growth is a narrow concept (uni-dimensional, i.e., GDP and GNP-based increase in monetary value of production). It may not require any state intervention, whereas economic development necessitates the formation of developmental policies and their enforcement or implementation. Economic growth is more applicable to developed nations, while economic development is more applicable to developing economies. Economic Development is the (long term) process by which an economy or a nation keeps improving upon its overall education level, health and well being of its population. It attributes to improvement in production volume owing to advancements in technology and human capital. It is also measure of qualitative improvement of people and their lives represented by Human Resource Development Index (HDI). It depends upon many factors (for computing qualitative measures like HDI and quantitative measures like per capita income, industrial development) such as job opportunities, technological advancements, standard of living, living conditions, per capita income, quality of life, improvement in self-esteem needs, GDP, industrial and infrastructural development etc.  Humans resources are active agents who exploit natural resources. For such an exploitation, they depend upon the skills and knowledge. These skills and knowledge comes from a systemic and long term process of investing in learning and educational resources. The nation can not grow  sustainably without growing its human resources both from the health and education perspective, before it goes to work to produce goods and services and earn for itself and for the nation. There is a need to develop human resources through distance education as it provides a parallel source of learning without disrupting the current stream of earnings. Distance education is becoming an integral part of the job. It improves the job performance through general and specific trainings. Access to knowledge is critical determinant of long term well being, happiness and is essential for individual development and freedom. Education provides the real freedom as it allows one to seek what they want to do and who they want to be. Distance education enabled by ICT can increase its reach to all the people (national or global level) across all the levels, at the convenience of learners and in their homes (for that matter, anywhere they want to be). It influences the health (especially for the professionals as adults or aging population who have health related issues that comes with the age)  as it removes the inconvenience and constraint of frequent or daily traveling for to be situated in one designated location in a traditional regulated classroom environment (the educational infrastructure is not readily available in each locality in vicinity or neighborhood) . At that age, they need more time for their own health and other elders at their care (social obligations which are even more for a working women). Time and place, both are big constraints for them. Distance education is an effective mode of keeping themselves up for the job irrespective of their current profession. It helps them keep improving their work efficiency and productivity and continue to be part of the changing economy or developmental trends. Distance Education helps you pace your education based on your time and environment. It is cost effective and one could acquire skills and knowledge from multiple sources. It is inclusive. In short,  it offers, freedom of time, place, pace, medium, access, age, class (rural or urban, gender or social inequalities), cost, prior knowledge or level of education, faculty (peer, industry, teacher) and curriculum. The pace factor addresses the drop-out  and repeat related economic and social issues normally present in the conventional system as a waste. Distance education needs national, centralized and autonomous bodies (on-campus and off-campus or open learning). Education is an investment in human capital  for nation development and growth. It increases employment, meet basic needs, reduce inequalities in wealth and income and raise the productivity of the poor. Human Resource Development (HRD) is not an isolated societal activity. It is an accumulation or formation of human capital through education (science and technology), health, nutrition and social welfare. It is about providing better education under improved or better health conditions. They are correlated subject matters. Education and social welfare are inter-linked. New knowledge is acquired to bring or raise the level of social welfare activities. Distance education reduces dropouts to insignificant levels, and provide recurring and continuing education with substantial vocationalisation of secondary education.  Education is an investment as increases the wealth and earning capacity of an individual and an enterprise. It improves human capital leading to increase in non-human or physical capital. The rate of physical capital formation grows as the rate of human capital forms or grows and they both grow as the capital or investments in the education system grows or becomes productive. It raises the work productivity and  job transitions (flexibility). These are both private and social returns from investment in education or for that matter distance education as well. And distance education is more economic to deliver and has wider reach or impact. Hence it has a huge role in human resource development from education perspective. In short, there is no better alternative today but to ride this wave of technology enabled learning medium or formats formally or informally. It is a cheaper, faster and better option to conventional system and provides higher private and social returns. It is easy to adapt for multiple learners and programs.  Education spurs economic growth which can be measured by two frameworks. (1) Growth Accounting Framework and (2) Endogenous Growth Framework. In case of the first, the earnings like per capita income

Cost analysis of education as an economic good helps in (i) estimating resource requirements (ii) allocating budget or funds (iii) monitoring resource usage and identifying waste (iv) using cost functions for decision making  and (v) understanding inequalities in the cost of education across regions, gender, social class, ethnicity and income groups. Based on the purpose of decision making , there are different types of cost analysis methods or functions available to the evaluator: 1. Basic Cost Analysis: Basic cost is to know how much an educational initiatives or program could cost in total and what is the cost break-up by types of inputs or resources.  2. Cost-feasibility analysis: if it is necessary to understand whether the total cost is within the budget or budgetary constraints or not, such a basic cost analysis is called cost-feasibility analysis. In this the total cost is compared with source of financing the program. Note: The computation of benefits is not needed in basic cost and cost feasibility analysis. The focus is on the inputs or cost or input resources (total as well as distribution of cost over resources or categories of resources).  3. Cost-effectiveness analysis: Effectiveness is defined as performance on a single criterion or variable. If the cost measurement is used to compare one option with another (different educational program or methods to achieve the same and/or singular objective) designed and implemented to meet the same objective (single criterion or outcome measure for relative cost comparison), then its called cost-effectiveness analysis. It tells about the internal efficiency of the resources invested in a program or option. Cost-effectiveness first assesses whether the resources or inputs being used are able to deliver the required effect or impact or outcome or not. In this case, the effects or outputs or benefits are first identified in terms of the physical outcomes or units (not monetary terms or measures in different units) followed by the cost of input resources (monetary terms).  Then the cost of achieving these outcomes (set against a single objective)  are then compared with other alternative options to ascertain how cost effective a particular chosen option is (as compared to others). It mostly used for comparison of options designed for implementation to achieve single objective or having similar outcome goals or objectives (not for options or programs designed to deliver multiple or different objectives or criteria). By executing an option that is most cost effective (delivers all the objectives or outcomes as needed at the least cost), one can ensure optimal usage of resources.  4. Benefit-Cost Analysis: If the cost is analyzed to ascertain the benefits or returns or economic profitability, then this becomes benefit-cost analysis. One needs to identify various resources or inputs to education then classify them and measure their costs in monetary terms, Same way, all the output measures our effects or benefits need to be translated in terms of the monetary value (present monetary value of the the outcomes or outputs or benefits) . Unlike, cost effectiveness which measures the outcomes in terms of non-monetary physical units and compares it with the input cost, benefit-cost measures both the the benefits or outputs (it could be multiple and different outcomes or outputs) and the costs or inputs and finds the multiplier (ratio of benefit to cost) to know which program or option is more economically profitable. Benefit-cost analysis is needed to identify the option that has more benefits to deliver and less costs to incur. All benefits and costs are translated in monetary terms.  5. Cost-Utility Analysis: It is done to ascertain the value of the program or option. In this case, the program could have different outcomes or utilities (monetary and non-monetary). The programs are evaluated by the stakeholders, based on the utility score or value or outcomes as perceived relevant by them. There can be multiple different utilities and benefits which are perceived as important differently by different stakeholders. Unlike in the case of cost-effectiveness, where single output criteria is used to compare the alternative options, it uses multiple criteria (monetary and/or non-monetary) or outcomes and assigns utility value to them based on how the stakeholders perceive them. It is hence more subjective than other methods of cost analysis. It answers the following cost for each stakeholder or decision maker – Which program or option has the highest utility at the lowest cost? It does not focus on the cost-effectiveness i.e. it could have higher utility value for some stakeholders but low or no utility value for others. It relates the utility value of the various outcomes or outputs of the program or option to the cost of inputs or resources used to produce the outputs.  Cost of Education is sum total of all input resources and total social cost of education is sum of both the public (or institutional) and private (or individual) costs. The private costs are of two types – direct and indirect. Direct is what gets paid for the education (fees, accommodation, travel etc.) and indirect are hidden or invisible costs like foregone earning or opportunity costs (or investments done by others like parents’ time invested alongside with the student or salary not earned or foregone as the individual time is diverted/assigned to learning and not earning during the course of education). Real costs consider the opportunity cost as well to compute the total cost.  Cost incurred by the institution (educational body, state, government, private or mixed) is called the institutional cost or public cost of education (financed by the governmental institutions like taxes, loans or other sources of public revenues). Public costs are also of two types – direct and indirect. The direct costs include recurring and non-recurring i.e. fixed (one time fund for setting up infrastructure) and variable (for operations or running the programs). Fixed costs do not vary with any input or output variable like number of enrolments.  Recurring costs vary like with number of students (output variable) and number of teachers (input variable). Indirect public cost is lost opportunity to invest the same amount

The concept of “economics of education” was born in 1960 with Theodore Schultz. The economics of education is linked with the labour (welfare, household, and finance) economics of a nation. The interest is in understanding the economics of education from four dominant aspects: (i) cost and benefits; (ii) planning (rate of return, manpower and social demand); (iii) effectiveness and efficiency; and (iv) sources of revenue. Public or social goods are non-rivalrous (enjoyed in common; consumption by one does not subtract from another’s consumption of that good) and non-excludable (meant and accessible for all). It includes clean air, water, a public park, national defense, etc. However, there is the concept of free riding. For instance, by non-excludability, it means that people who do not pay taxes also get to enjoy or consume (free-ride) the common or public goods in society Merit goods (originated by Richard Musgrave around 1957-59) are goods that an individual or society should have access to based on a concept of merit or benefit (instead of just willingness or ability to pay). It includes delivery of health services (like in the case of vaccinations, wherein appropriate criteria for prioritisation is needed to regulate the distribution of benefits, like those who are exposed to diseases or harm, would need to be delivered on a priority basis than others) or subsidised housing, etc. Education (depending upon its type) could also belong to this (merit) category of economic goods. Education is inherently non-rivalrous in nature. Having by one does not diminish another’s consumption of it. Private goods, on the contrary, are exclusive and rivalrous in nature. They belong to their respective owners or buyers, who have the right to consume them (and exclude others from their consumption). For example., toys, clothes, food, cars etc.  Education is also a private good, i.e., like food for consumption, i.e., it is sold and excludes others who have not bought it to benefit from its consumption. Similarly, education is both an investment (benefits accrue to society or people beyond those who consume or acquire it, supports further production of goods, called capital goods) and a consumption (the acquirer, an individual or community, directly or exclusively reaps the benefits, and once it is consumed, it can not be transferred or transformed further).  Capital goods are man-made objects like plants, machines, tools, and equipment that support further production of goods. Education is an economic good for consumption as well as an investment for both individuals and societies. There is no single approach to ascertain the proportion in which education contributes as an investment and as consumption (for the individual or society).  In primary education, the consumption component is much higher than the investment component. In secondary education, the consumption component is on par with the investment component. In higher education, the investment component is much higher than the investment component. Whether education serves the purpose of consumption or investment, it needs to be analysed and analysed both at an individual and societal level. Goods in economics can be described based on the purpose they serve : consumption and/or investment. Education falls under both these categories. It is an investment activity as it increases the productivity of labour and the lifetime earning potential (wages and wealth) of individuals by way of imparting knowledge and skills. It builds human capital that can innovate and deliver new goods and services. However, unlike physical capital (plants or machines), human capital is built when individuals also invest their own time and resources into it, as well. In the case of an employer-employee relationship aimed at building human capital, the employer would like to invest in those training or learning competencies that are “specific” to the firm. While employees need to invest in education to build “general” training or  competencies (applicable across the firms or employers). The rate of return (individual/private or societal/public) equates to the present value of the costs incurred in education to the present value of additional or future lifetime earnings (income, benefits) attributable to education. This is like comparing the cost incurred and the income stream generated by any other capital asset. In the case of societal or public investments, these are the overall state or national level investments made in the education sector (unlike in the case of private or individual investment). Hence, one could distinguish the private rate of return (cost incurred or earnings foregone and income earned after paying taxes or non-income benefit gained related to an individual’s investment of time and resources in education) from the social rate of return (cost incurred by the state or society on building and running educational infrastructure at large and gross earnings made before taxes or deductions as benefits). Since the costs are higher in public or societal education, the returns are comparatively lower when compared to the private rate of return. Human Capital: Education when considered as an investment in human resources, forms Human Capital for the economy. Unlike Physical Capital, here the humans need to also transform themselves and invest their own time and resources to become better by each day. General training or learning is typically the target for individual investments in themselves as they cut across employers and employers see this as additional cost (no additional benefit). Specific trainings are under the purview of institutions and they invest in organizing them for specific employees (additional cost with matching additional benefits). Specific trainings are seen as additional cost without additional benefits by the employees and hence employers have to invest in such interventions by themselves. Rate of return: Since education is an investment to form Human Capital, the concept of rate of return is applicable to it too. It has four aspects : private or individual rate of return, social or public rate of return, adjustments like anticipated mortality, earnings, taxes, unemployment and innate ability (realistic estimations and projections of cost and benefits) and earning functions (methods to measure and quantify the benefits or earnings) like wages, working hours, education level and associated earnings etc. Earnings