“You can’t produce a baby in one month by getting nine women pregnant”. Warren Buffett.
Productivity is real, it can raise living standards. It can allow consumers to become wealthier and businesses to become more profitable. And it all starts with determining how different factors of production (i.e. inputs) affect the overall output.
The economics of education
Monarch Institute’s Chair of Academic Board Emeritus Professor Keith Houghton recently co-wrote a research paper with Nancy Bagranoff titled “Accounting for the Cost of Teaching and Research in US Business Schools”.
Professor Keith Houghton – Chair of Academic Board, Monarch Institute
Monarch Institute’s Chair of Academic Board Emeritus Professor Keith Houghton recently co-wrote a research paper with Nancy Bagranoff titled “Explaining for the Cost of Teaching and Research in US Business Schools”. It shows that undergraduates in around 500 US business schools “cost” around 1.5% of a Equivalent Full time academic staff member’s time to educate while masters students “cost” about double that. PhD students are more than 20% of a staff member’s time and each research publication in an elite group of business journals “costs” over one person, per year on average. There is compelling evidence that tuition fee revenue in these US universities cross-subsidize the cost of undertaking research.
Online Learning – the future is here
New technologies including Online learning platforms including Moodle, Blackboard and Canvas are now standard at Universities, TAFE’s and Registered Training Organisations. They provide a significant efficiency dividend for both student and provider. With an iPad and internet access, students can now learn from the comfort of their couch. No need to fight the traffic, students can consume education virtually from home, a cafe or anywhere else. And educators benefit too. It allows ‘borderless’ education solutions to people living outside major cities via virtual classes removing geographic constraints.
Monarch Institute has been offering blended online learning for 8 years using state-of-the-art learning platforms.
Call Monarch today on 1300 738 955 to learn more.