According to Yeager, Nelson, Potter, Weidman & Zullo (2001) in many ways higher education should be seen as a business as it “produces and sells educational services to customer” (as cited by Winston, 1999, p.13). However, at the same time, while education is indeed a business in some retrospect, it should not be regarded as only a business either.
Over the last several decades, many economists have attempted to solve the array of issues surrounding the idea that education should be seen as a way to strengthen society and its ability to maintain a stabilized economy that is ever growing. However, throughout history, an idea that originated by Adam Smith, the founding father of economics, is that education should be used counter the negative side-effects of economic development (Gilead, 2015, p. 625).…