Economics of Vocational Education

Education is an important instrument for economic and social development. It is the main cause for the acceleration of economic growth in an economy, particularly in the context of rapidly globalising world economy. It will have to play three important roles in growth of the economy. One is to supply skilled manpower and techniques for effective utilization of physical capital. The second is to generate a growth environmental with competitive environment. The third is to teach the rural worker (Farmers) elementary rural skills which yield a small surplus over subsistence consumption and which can be the basis for physical accumulation. National Policy on Education (1986) recognized the need for vocational research evidence available on the other hand, evidence available in the other countries does not lend support to vocationalzation of education. The present research study presents a case of economics of vocational education in the state of Haryana, India. The study found that the major costs were laying on salary items rather than equipments, which is crucial for the students to do practical. On the other hand, students who graduated from this scheme were unemployed, entered low-wage employment and were in occupation for which they were not trained and entered low-wage employment and were in occupation for which they were not trained and entered higher education programme (academic). The scheme was not directly serving the needs of the economy or society. Not much difference has been found between the social rate of return of vocational and general education in the state. The author makes a strong case for bringing the skill workers (without having formal education) into the main stream for economic productivity improved through Open and Distance learning mode. The book will be highly useful to policy-makers, researchers, teachers and students of distance education.