In this paper, the author has attempted to consider significant policy developments in the field of education, in the context of the RoI and of the wider OECD community. For this purpose, he has drawn on the conceptual framework of Jack Mezirow, paying particular attention to his work on "perspective transformation". The study has thrown into relief the contested terrain that permeates the educational policy area. In the context of the RoI, for example, there is evidence to suggest that Investment in Education, which was published in the 1960s, introduced an economic meaning perspective into Irish education, which eventually triggered a "paradigm shift" with respect to the development and implementation of educational policy there. The increasing recognition of the economic imperative in educational matters, both in the context of the RoI and in the wider OECD community, is causing concern for some educationalists, who contend that notwithstanding the importance that should be accorded to economic considerations, such should not detract from the personal and social objectives of the educational project as well.