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contracting out

The Economic and Labour Relations Review (1)

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Contracting out publicly funded vocational education: A transaction cost critique
Phillip Toner
Journal:

The Economic and Labour Relations Review / Volume 25 / Issue 2 / June 2014

Published online by Cambridge University Press:

01 January 2023, pp. 222-239
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Contracting out publicly funded vocational education and training (VET) in Australia to private providers has been accompanied by persistent concern at decline in the quality of training. Using transaction cost economics, this outcome is ascribed to the characteristics of publicly funded VET as a commodity and the conditions under which it is privately produced and consumed. The article concludes that, in general, publicly funded VET does not meet the minimum conditions for efficient contracting out. The economic and social consequences of inadequate quality VET provision are potentially severe.