Capitalism is an economic system in a free market society where price dictates the laws of demand and supply for goods and services. Prices send signals to consumers and producers who in turn determine what goods to produce and how much to consume. …show more content…
Adam Smith in “Wealth of Nations” suggests that private institutions are better than public institutions when he states that “those parts of education, it is to be observed, for the teaching of which there are no public institutions, are generally the best taught.” The quote closes with Smith mentioning that upon a student’s graduation from a private institution he is equipped with useful skills than if they were to graduate from a public institution. Smith suggests from the beginning that education is sought not for the reputation of the school or the teachers, but rather for the skills that they will obtain that hopefully will make them gainfully employable within their society. Smith implies that private institutions have it in their best interest to educate their pupils with useful skills perhaps so that both parties will profit once the graduates become financially lucrative and will hopefully give back to their alma mater. Public institutions on the other hand receive funds from the government, and there is not an economic incentive that will coerce them to teach transferable skills to their students because essentially they will always be given “free money”. Smith overall suggests that incentives are the catalyst that drive an educational institution to provide what is necessary …show more content…
Whittle suggests that all parents of children should have the choice as well as the financial resources (i.e. vouchers) to pick what type of educational institution is right for their child from private, secular, government, or parochial. This suggestion tends towards a utopian ideology without taking into account the discrepancies in the knowledge obtained between students from economically low environments who many are given a sub-standard education compared to their counterparts in private institutions. Parents should be able to pick where they want their child educated, but unfortunately this ability to choose does not solve the various problems with the educational system such as the wide gap in foundational knowledge and access to qualitative educational resources and tools. If education in a school is insubstantial then how will this benefit children whose parents opt for them to attend its