Education produces a positive externality, and this has been used as a justification for having the government involved in education to internalize the externality. Explain the argument for the government involvement in education. Just because a positive externality exists does not mean that a government subsidy will be efficient, even in theory, however. Explain the theoretical arguments that a subsidy may be inefficient, even when a positive externality exists. After examining the arguments on both sides, which side is more plausible to you? 20 marks