Abstract:
Economics of education indicates that if a country languishes in skills and knowledge of the nation, the development of the country will be a mirage. Dr. C. W. W. Kannangara, the father of free education system of Sri Lanka, introduced the free education system to Sri Lankan. And also, the government spends more on the education. This study formulated the Education Production Function (EPF) for G.C.E. Ordinary Level students in Passara education zone, Sri Lanka. Multivariate analysis technique used to evaluate empirical data. The EPF is based on Cobb-Douglas type production function by using Canonical Correlation Analysis (CCA. The EPF estimations show student’s self-learning hours are the most affected factor on student’s cognitive achievements. Amount of sleeping hours, scarcity of education resources at home are negatively affected on children’s education. It seems that students who live in Passsara education zone are weak in time management ability. So, it is an important to develop student’s time management ability in Passara education zone.
