The term educational “value” implies that someone or something acquires “Value” while passing through the educational course. It may be in the form of boosting human capital, social capital or earnings, but this value must have an optimistic financial yield in order to be worth investing in. This may seem palpable in modern world of the information age but it was not the case applicable to all times. Though it is not easy to clearly define and quantify the value of education!
In the early 1900s education was considered firmly as a consumer durable. That is, most of the people acquired an education just for their personal satisfaction or enjoyment and intellectual pursuits over their lifetime. One could not find an essential correlation between acquiring more education and higher earning capability due to increased productivity, or higher social value due to progressing society as a whole. It was until 1950s that emerged as an era when more industrial perception was shaped in to view to help comprehend the phenomenon of improving the economic performance of the nation by investing in citizens through education. This came as a critical concept in the competition between the US and the USSR.