There are externalities to education -- others beside the student attending college benefit. What are some of the benefits to society of education? Positive Externality: a side-effect which is associated with a market, whereby production benefits parties other than the producer and yet the producer is not compensated. In other words, when the consumption of a good or service creates benefits that spill over to third parties, the marginal social benefit is greater than the marginal private benefit.
Elaborate and Explain in a minimum of 250 words.