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Specialization in Higher Education and Economic Growth

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  • von Greiff, Camilo

    ()
    (Dept. of Economics, Stockholm University)

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    Abstract

    This paper presents a new market failure in the decision on educational type in higher education. Individuals choose types of education with different degrees of specialization. Labor market transformation makes some individuals opt for a non-specialized education type that broadens the future career possibilities in an uncertain labor market. However, the growth rate in the economy is assumed to positively depend on the amount of specialized workers that get a job within their specialized field. Imposing a tax and transfer scheme in favor of specialized education types may correct for the market failure and Pareto improve the economy if the transfer attracts a sufficiently large amount of new students to a specialized education type and if their effect on the growth rate is substantial.

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    File URL: http://www2.ne.su.se/paper/wp07_13.pdf
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    Bibliographic Info

    Paper provided by Stockholm University, Department of Economics in its series Research Papers in Economics with number 2007:13.

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    Length: 22 pages
    Date of creation: 27 Jun 2007
    Date of revision:
    Handle: RePEc:hhs:sunrpe:2007_0013

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    Postal: Department of Economics, Stockholm, S-106 91 Stockholm, Sweden
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    Web page: http://www.ne.su.se/
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    Keywords: Educational Choice; Growth;

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    References

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    1. Alstadsæter, Annette & Kolm, Ann-Sofie & Larsen, Birthe, 2005. "Tax Effects of Unemployment and the Choice of Educational Type," Research Papers in Economics, Stockholm University, Department of Economics 2005:4, Stockholm University, Department of Economics.
    2. S. Lael Brainard & David M. Cutler, 1990. "Sectoral Shifts and Cyclical Unemployment Reconsidered," NBER Working Papers 3491, National Bureau of Economic Research, Inc.
    3. Mills, Terence C & Pelloni, Gianluigi & Zervoyianni, Athina, 1995. "Unemployment Fluctuations in the United States: Further Tests of the Sectoral-Shifts Hypothesis," The Review of Economics and Statistics, MIT Press, vol. 77(2), pages 294-304, May.
    4. Becker, G.S. & Murphy, K.M., 1991. "The Division of Labor, Coordination Costs, and Knowledge," University of Chicago - Economics Research Center, Chicago - Economics Research Center 92-5, Chicago - Economics Research Center.
    5. Greenaway, David & Upward, Richard & Wright, Peter, 2000. "Sectoral Transformation and Labour-Market Flows," Oxford Review of Economic Policy, Oxford University Press, vol. 16(3), pages 57-75, Autumn.
    6. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, vol. 77(2), pages 56-62, May.
    7. Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 90(4), pages 777-93, August.
    8. McMahon, Walter W., 1984. "The relation of education and R&D to productivity growth," Economics of Education Review, Elsevier, vol. 3(4), pages 299-313, August.
    9. Loungani, Prakash & Rush, Mark & Tave, William, 1990. "Stock market dispersion and unemployment," Journal of Monetary Economics, Elsevier, vol. 25(3), pages 367-388, June.
    10. Creedy, John & Francois, Patrick, 1990. "Financing higher education and majority voting," Journal of Public Economics, Elsevier, vol. 43(2), pages 181-200, November.
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