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Comments on: In defence of government funded tertiary education http://www.tvhe.co.nz/2011/07/20/in-defence-of-government-funded-tertiary-education/ The Visible Hand in Economics Thu, 28 Jul 2011 19:20:31 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Matt Nolan http://www.tvhe.co.nz/2011/07/20/in-defence-of-government-funded-tertiary-education/#comment-33547 Thu, 28 Jul 2011 19:20:31 +0000 http://www.tvhe.co.nz/?p=5946#comment-33547 @Paul Walker

The cost of failure is the loss of lifetime satisfaction associated with the failure.

In terms of outside options, if someone takes on a big debt and they have a poor endowment of resources, and they end getting the wrong end of the risk involved, they will undeniably be worse off then someone who has the resources to pay off that debt. Why? Well, they may be sacrificing the same amount of income – but that income will be relatively more valuable in terms of what they can buy.

Yes, individuals are different, but as a value judgment (which this undeniably is of course) it seems relatively fair on average.

]]> By: Paul Walker http://www.tvhe.co.nz/2011/07/20/in-defence-of-government-funded-tertiary-education/#comment-33504 Wed, 20 Jul 2011 01:51:47 +0000 http://www.tvhe.co.nz/?p=5946#comment-33504 What exactly is the “cost of failure” and how do you measure it? Also doesn’t the “cost of failure” differ for people in all activities. If my parents are wealthy and I go into business isn’t my “cost of failure” less than a person from a “poor” background? In which case shouldn’t the government subsidise “poor” people going into business?

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