Economics of Education Course | PG Level | Prof. Shyamsundar Bairagya
Course Details
| Exam Registration | 92 |
|---|---|
| Course Status | Ongoing |
| Course Type | Core |
| Language | English |
| Duration | 12 weeks |
| Categories | Economics & Social Sciences, Faculty Domain - Advanced |
| Credit Points | 3 |
| Level | Postgraduate |
| Start Date | 19 Jan 2026 |
| End Date | 10 Apr 2026 |
| Enrollment Ends | 02 Feb 2026 |
| Exam Registration Ends | 20 Feb 2026 |
| Exam Date | 19 Apr 2026 IST |
| NCrF Level | 4.5 — 8.0 |
Foundational Course: Economics of Education - A 12-Week Postgraduate Guide
In an era where knowledge is the prime driver of economic growth, understanding the intricate relationship between education and the economy is more critical than ever. The Economics of Education is a vital sub-discipline that explores this nexus, examining education as both an investment in human capital and a catalyst for societal development. This foundational 12-week postgraduate course, led by the esteemed Prof. Shyamsundar Bairagya, offers a deep dive into the theories, applications, and contemporary debates shaping this field.
Why Study the Economics of Education?
The field gained prominence in the mid-20th century but, as noted by pioneer Mark Blaug, never quite achieved the sustained momentum of areas like health economics. Yet, its importance is undeniable. Nobel laureates like Theodore Shultz, Gary Becker, Amartya Sen, and others have laid groundbreaking work in human capital and development theory, proving that investment in education is central to economic progress. This course weaves together micro and macro perspectives, answering why education deserves a central place in economic discourse and policy.
Meet Your Instructor: Prof. Shyamsundar Bairagya
Learning from an expert with both academic excellence and administrative experience enriches this course immensely.
- Academic Credentials: Triple M.A. (Economics, Education, Environmental Studies), PhD in Education, PGDCSA, B.Ed. Stood First Class First in M.A. Economics at Visva-Bharati University.
- Professional Journey: Extensive experience as Lecturer, Reader, Associate Professor, and Professor at universities like Kalyani University and University of Gour Banga, Malda. Served as Head of Department, Registrar (A/C), and Officiating Vice-Chancellor.
- Research Prowess: Supervised 18 PhD scholars, published 90 journal papers, 10 books, and 16 book chapters. His research spans educational technology, mobile phone addiction, animated learning, and environmental education.
- Curriculum Influence: Acted as an advisor for the B.Ed. and M.Ed. curriculum framework under the Government of West Bengal.
Prof. Bairagya’s unique blend of theoretical knowledge and practical governance insight provides an unparalleled learning experience.
Course Overview & Structure
This 12-week program is designed for postgraduate and PhD students in Humanities and Social Sciences. No specific undergraduate prerequisite is required, making it accessible to anyone with a keen interest. The course is structured to build from fundamental concepts to complex applications and contemporary policy.
| Week | Core Topics |
|---|---|
| Week 1-2 | Foundations: Introduction, History, Human Capital Theory (Becker, Mincer). |
| Week 3-4 | Macro & Alternative Theories: Endogenous Growth (Lucas, Romer), Capability Approach (Sen), Signaling (Spence). |
| Week 5-8 | Efficiency & Analysis: Educational Production Function, Cost Concepts, Cost-Benefit Analysis, Rate of Return. |
| Week 9-10 | Goods & Historical Context: Education as a Public/Private Good, Externalities, Insights from Kautilya's Artha Shastra. |
| Week 11-12 | Finance & Future: Educational Finance (PPPs, loans), NEP 2020 analysis, and future directions. |
Key Learning Modules
From Human Capital to Capability
The course begins with the bedrock Human Capital Theory, exploring education as an investment. It then contrasts and complements this with Amartya Sen's Capability Approach, which views education as a means to expand human freedoms and opportunities, not just future earnings.
Analyzing Efficiency and Returns
Weeks 5-8 are crucial for policy-minded learners. You will master the Educational Production Function to analyze inputs and outputs, and learn to apply Cost-Benefit and Cost-Effectiveness Analysis. Calculating the Rate of Return to Education provides a concrete tool for evaluating educational investments.
Finance, Policy, and Ancient Wisdom
The course uniquely bridges ancient and modern. It covers contemporary Educational Finance models like PPPs and income-contingent loans, while also delving into Kautilya's Artha Shastra (4th Century BCE), which advocated for state support of education and skill-training for economic stability—a concept remarkably relevant today.
Capstone: NEP 2020 and the Future
The final module brings theory to practice by analyzing India's National Education Policy 2020. We examine the implications of the Higher Education Qualification Framework (HEQF), Academic Bank of Credits (ABC), and National Credit Framework (NCRF) through the lens of equity, access, and efficiency.
Essential Reading & Resources
The course draws on seminal and contemporary texts, including:
- Foundational: Gary Becker's Human Capital, Schultz's The Economic Value of Education, Mark Blaug's introductions.
- Theoretical Expansion: Amartya Sen's Development as Freedom, Michael Spence's work on Signaling.
- Context & Policy: J.B.G. Tilak's Economics of Education in India, World Bank & OECD reports, and Gordon Winston's critique in The Awkward Economics of Higher Education.
Who Should Enroll?
This course is ideally suited for:
- Postgraduate and PhD students in Economics, Education, Sociology, and Public Policy.
- Researchers and academics looking to strengthen their foundation in education economics.
- Policy analysts, educational administrators, and professionals in NGOs interested in evidence-based educational planning and finance.
Industry Support: This course is highly relevant for professionals engaging with bodies like the UGC (University Grants Commission) and NCTE (National Council for Teacher Education).
Conclusion: Understanding the Investment in Our Future
The Economics of Education provides the analytical tools to understand one of society's most critical investments. This 12-week foundational course with Prof. Shyamsundar Bairagya is more than an academic pursuit; it's a journey into understanding how to build more efficient, equitable, and prosperous societies through education. By combining timeless economic principles with analysis of cutting-edge policy like NEP 2020, it equips you to contribute meaningfully to the future of education and economic development.
Enroll Now →