Invasion of Educational Universe by Neo-liberal Economic Thinking

The early 1960s witnessed attempts at constrictive reinterpretation of the role and purpose of education in terms of ideological premises, concepts and methodology of neoclassical economics, with "economics of education" being founded. In this newly-founded economic discourse, education is seen as a vehicle for "human capital formation", a key both to avowed growth of aggregate economy and to upward economic mobility of individuals/households. An increasing dominance of this narrow neo-liberal view of education has undermined the long-standing hold of the pre-existing vision and liberal view of education wherein it is a means not only to material progress but also to higher level of civilisational ethos, enlightenment and democratic citizenship.