This paper examines the policy relevance of assertions that hypothetical social benefits generated by higher education satisfy normal public investment criteria. A subsidization model of higher education is introduced to emphasize the importance of either social benefits or political collusion as justifications for public support of higher education. The most common arguments in support of the social benefits approach are critiqued. The paper concludes by examining the question of whether even the existence of social benefits is a sufficient condition for subsidization and the need for examination of alternative funding systems is highlighted.

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