The primary objective of this paper is to highlight the distinct roles of altruism and of self-interest in the political determination of a public education policy. I assess the relative importance of three factors in the determination of the equilibrium level of this policy: altruism, the impact of public funding of education on social security benefits and its impact on factor prices. I then focus on the impact of implementing a social security system on the equilibrium levels of education funding and on welfare. I find that although, in the benchmark economy, the presence of social security might generate support for public funding of education, its overall effect on the well-being of individuals is negative for any level of social security taxation.
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Paper provided by University of Delaware, Department of Economics in its series Working Papers with number
05-05.
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Jeffrey A. Miron & David N. Weil, 1998.
"The Genesis and Evolution of Social Security,"
NBER Chapters,
in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 297-322
National Bureau of Economic Research, Inc.
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