Online Education’s Return Benefits and Economic Effects

Speech Presentation – Online Education’s Return Benefits and Economic Effects
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March 20, 2023
Introduction
Good afternoon, ladies and gentlemen. Today, I would like to discuss online education's return benefits and economic effects. As we know, online learning has become increasingly popular, with millions of students worldwide enrolled in online courses and programs. In China alone, almost 17 percent of learners in the higher education system are enrolled as distance learners (Li & Wang, 2021). In this speech, I will discuss the background context of online education, the problem statement, the research question, the theoretical framework, the methodological approach, and the significance of the study.
Background Context
Online education started being considered a viable alternative to traditional higher education with the emergence of the internet. Technological advancements made it easier to deliver high-quality online courses and degrees (Li, Li. & Zhang, 2015). Since then, online education has become increasingly popular, with the key drivers being its ability to break down geographical barriers and expand access to education and its affordability (Li, 2018).
Problem Statement
Despite the large number of students pursuing online education, there needs to be more literature on the costs and benefits of online education. The advent of the pandemic saw increased investment in online learning technology owing to disruptions in traditional education. Consequently, learners increasingly desire to identify the benefits associated with an investment in higher education. To this end, the present study is keen to delineate the economic benefits of online education and its overall effect on the economy.
Research Question
To investigate the benefits and costs associated with online education, the key research question that shall be investigated in this study shall be: To what extent does the return on investment of online education compare to traditional in-person education in terms of economic outcomes such as earnings, employment, and career advancement?
Theoretical Framework
According to the human capital theory, education is a form of investment where individuals invest time, effort, and resources to acquire knowledge and skills that will increase their future earning potential (Gillies, 2017). The human capital theory also emphasizes the importance of education in meeting the demands of a rapidly changing economy. As technological advancements continue to shape the economy, individuals must acquire new skills and knowledge to remain competitive in the job market (Cooper & Davis, 2017). Two main approaches have been applied in measuring the benefits of private education: the Mincerian rate of returns and the internal rate of return.
Methodological Approach
To investigate the research question, a comprehensive analysis of existing literature on the topic will be conducted to provide a well-rounded and thorough response. An extended literature review provides an ideal methodological approach as it will facilitate a detailed examination of previous studies to facilitate the synthesis of findings from various studies (New...