This new Encyclopedia draws upon articles in The International Encyclopedia of Education, 2nd Edition (described by Choice as being "a premier resource when judged on virtually every criteria applied to a reference work") with revisions as well as new articles. It provides an understanding of where the economics of education has been, where it is heading, and where it needs to go in the future to provide further insights into the human role in production and the production of human skills valued in the labour market.
The economics of education has both been expanded into new areas of research and has deepened and changed its analysis of traditional areas, such as educational finance, the production of knowledge, and the relation between education and economic growth. In the past decade theories have been modified and new concepts have appeared. The rapid change within the field convinced the publisher and the Editors-in-Chief of the need for a completely new edition of this valuable compilation.

The volume is divided into eight sections: The economics of education, then and now, education and labour markets, the benefits of education, education economic growth and technological change, education, income distribution and discrimination, the production of education, evaluating educational investment, and financing education. Each of the sections has its own introduction.