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Education policy in a general equilibrium model with heterogeneous agents

Author

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  • Stephane Ciriani

    (Paris 2 Pantheon Assas University, Ermes Cnrs fre 2887)

Abstract

This paper studies the impact of public intervention on educationfinance and economic growth in general equilibrium. I use a 3period overlapping generations model where human capitalinvestment is risky and individuals are heterogeneous with respectto their learning abilities. I show that subsidization of privatespending on education leads to a higher economic growth than purepublic education in the short run if initial inequality issufficiently low and in the long run if the dispersion of learningabilities is sufficiently low. The determination of the politicalequilibrium shows that there can exist a conflict betweendemocracy and economic growth.

Suggested Citation

  • Stephane Ciriani, 2007. "Education policy in a general equilibrium model with heterogeneous agents," Economics Bulletin, AccessEcon, vol. 9(1), pages 1-7.
    • Handle: RePEc:ebl:ecbull:eb-05i20029
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    File URL: http://www.accessecon.com/pubs/EB/2007/Volume9/EB-05I20029A.pdf
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    Cited by:

    1. Marconi, G. & de Grip, A., 2014. "Education and growth with learning by doing," ROA Research Memorandum 010, Maastricht University, Research Centre for Education and the Labour Market (ROA).
    2. Accolley, Delali, 2015. "A Review of Some Postwar Economic Growth Theories and Empirics," MPRA Paper 69860, University Library of Munich, Germany.

    More about this item

    Keywords

    democracy;

    JEL classification:

    • I2 - Health, Education, and Welfare - - Education
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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