Heterogeneous Preferences, Education Expenditures and Income Distribution
AbstractThis paper introduces heterogeneous preferences to a growth model that incorporates human capital, accumulated through either public or private education. The implications of heterogeneous preferences for income and its distribution are the focus of the paper. Public education expenditure is determined through a voting mechanism where the median preference rather than median income household is the decisive voter. The paper extends the work of G. Glomm and B. Ravikumar (1992) and shows, first, that heterogeneous preferences increase income inequality in the private education model and, second, public education can overcome the added heterogeneity and reduce income inequality. The results strengthen the arguments for public education as a redistributive mechanism. Copyright 1999 by The Economic Society of Australia.
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Bibliographic InfoArticle provided by The Economic Society of Australia in its journal The Economic Record.
Volume (Year): 75 (1999)
Issue (Month): 228 (March)
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