The Economics of Education on the Development of Quality Education Thailand

Abstract

The education is associated with the development of economy. If people are educated, they will have more opportunities to increase their income and succeed in their careers. However, the problems regarding educational management cause income inequality. Therefore, the education reform needs to be done systematically, and this needs to be done under the educational budget constraints. It can be said that education can improve human capital, which is the crucial factor in the economic development of the country. The current educational management draws mainly on the economics of education, which is the study of the factors affecting education regarding the investment of human capital in association with education and labor markets. It aims to “create new generation of Thai people to become good and quality people”. In addition, these people have potentials to compete in economy and be proud of themselves to be Thai. Therefore, the trend of educational development, based on the economics of education, is focusing on education reform and learning in the educational perspective. It begins with setting goals of education, followed by setting policies of educational development by focusing on innovation and professional development, putting an emphasis on teacher development, aiming for all educational stakeholders to participate in supporting the budget for education, encouraging all educational institutes to follow Sufficiency Economy in order to create good quality of life of Thai people, and having the effective evaluation and the improvement of the legal regulations regarding education which leads the country to sustainable prosperity.