Abstract
The Naturally Optimised Revenue Demand in Communities (NORDIC) model was employed to improve the education. Dropout is a serious problem. It affects not only the individual who drops out but also the university and society. This article introduced a new and practical economic instrument for improved management of dropouts, based on the NORDIC model. The proposed model produced constructed shadow costs to be inserted into the public accounts to induce economic incentives to decrease the dropout rate. The resulting shadow cost, and its impact on the PSBR, constitutes a single key factor that, by one digit only, expresses how successful the education policy is over time. The launched model considered the age of students who pass a BSc. This case study showed how education in the Swedish society could be improved by application of the NORDIC model, that is the system of cooperation between students and government. The results point at a promising methodology for improving the dropout rate and decreasing the qualification age by using economic instruments. The study concludes that the NORDIC model could be used to improve the Swedish education system and its qualification age, particularly for BScs. Governments obtain a tool to monitor, manage and evaluate the education sector. Possible end users include school authorities and politicians that want a comprehensive tool to redesign the education policy. The NORDIC model is recommended to apply to education issues to improve the qualification age. Further research focuses on developing algorithms for certain categories of students.
Highlights
Much attention has been devoted to the dropout issue
The hypothesis of this work was that the flow of students through nations’ education authorities could be improved by applying the Naturally Optimised Revenue Demand in Communities (NORDIC) model
A review of similar literature showed that this objective was been accomplished as a decision-support tool has been provided for use by school authorities, politicians and citizens interested in education policy
Summary
Much attention has been devoted to the dropout issue. University dropout is a serious problem. The objective of this study was to launch a new and practical method of improving the education by designing a decision-support tool for authorities, politicians and other citizens interested in education policy to facilitate the daily use of the Naturally Optimised Revenue Demand in Communities, NORDIC model (Stenis, 2020a, 2020b; Stenis & Hogland, 2019). The hypothesis of this work was that the flow of students through nations’ education authorities could be improved by applying the NORDIC model. The research design featured a logical approach in a historical context This design supported the hypotheses that the logic was inherent in the mathematics employed by the NORDIC model, and backed up by historical data; a quantitative research methodology was predominant.
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