The Economist Intelligence Unit rankings of the world’s top education systems,
which combine international test results and data such as graduation rates,
showed that two contrasting economies topped the league table: Finland
and South Korea. The report concluded that while the amount of spending on
education is important, it is less influential than an economy having a culture
that is supportive of learning. Education in Finland is 100 per cent state funded
and is rather unorthodox given that students don’t start schooling until 7
and rarely have tests or homework until their teenage years. In South Korea,
education is crucial for success, so there are huge pressures placed on students, who start school aged 3. Testing is regular and rigorous, making after-school private tuition classes extremely popular. According to the report, the top 10 countries were ranked as follows:
1. Finland
2. South Korea
3. Hong Kong
4. Japan
5. Singapore
6. UK
7. Netherlands
8. New Zealand
9. Switzerland
10. Canada
a. Explain how scarce resources are allocated in a mixed economy. [4]
b. Discuss whether education should be funded by the government. [8]
