Abstract

Education plays a pivotal role in nation building. As such, it is only natural that a large portion of a country’s annual budget is allocated to this sector. However, policy and decision makers in the education system often find the task of determining the cost of education a tedious and difficult process. This is, in part, due to the complexity of education systems and the large number of stakeholders involved. Thus, it is the purpose of this paper to provide an overview of the term ‘adequate education’ and subsequently critically review the various methods that are currently utilized worldwide to determine the cost of adequate education. In doing so, the paper attempts to compare and contrast the various methods in an objective manner by identifying and evaluating the major advantages and disadvantages of each method.

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