The Naturally Optimised Revenue Demand in Communities (NORDIC) concept was utilised to improve schooling. Dropout is a significant problem. Dropping out refers to leaving high school, college, or university for a variety of reasons, including practicality, necessity, or disillusionment. It affects not only the student who drops out, but also the university as a whole and society as a whole. This research offered an innovative and effective economic instrument for improved dropout management based on the NORDIC model.
Methods: The
proposed methodology created fictitious shadow expenses that could be accounted
for in government accounts to create economic incentives to reduce dropout
rates. The resulting shadow cost, as well as its impact on the PSBR, combine to
form a single critical component that symbolises the education strategy's success
over time by a single digit. The newly adopted model considered the age of
students who had obtained a BSc. The NORDIC model, which is a system of
student-government cooperation, was used in this case study to show how the
NORDIC model can be used to improve education in Swedish society.
The findings point
to a promising methodology for reducing the dropout rate and lowering the
qualification age using economic tools. The NORDIC model, particularly for
BScs, has the potential to improve education systems and qualification ages.
Author(S) Details
Jan Stenis
Näsbychaussén 52A, SE-291 35 Kristianstad, Sweden.
View Book:- https://stm.bookpi.org/NIEBM-V7/article/view/6390
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