Abstract

Policy and decision makers find the task of determining the cost of education a difficult process. One of the reasons for this is the complexity of the process itself. Answering questions such as: what entails an adequate education? and how much is needed to provide adequate education? is complex. Thus, stakeholders in the education sector need a thorough understanding of the concepts and knowledge of the variables that determine an adequate education. In relation to this, this paper seeks to provide an overview of the concepts and critically reviews various methods that are currently utilized to determine the cost of adequate education. It also makes comparisons between the methods and discusses the pros and cons in an objective and integrated manner.

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