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Public Policy for Efficient Education

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Author Info
Fisher, Walter H. (Institute for Advanced Studies, Vienna)
Keuschnigg, Christian (University of Saarland)

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Abstract

This paper studies the role of public policy to promote efficiency in human capital accumulation in the representative agent framework. Agents accumulate human capital by spending time in home study and in publicly provided schools. The individual faces an aggregate externality in the accumulation of skills. In addition, the return to time spent in school is subject to congestion. To correct these distortions, a tuition fee combined with personal stipends is required, which shifts education in schools and universities to noninstitutional forms of learning such as home study. The dynamic effects of shifts in education policy as well as their welfare implications are also calculated in the paper.

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File URL: http://www.ihs.ac.at/publications/eco/es-90.pdf
File Format: application/pdf
File Function: First version, 2000
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Publisher Info
Paper provided by Institute for Advanced Studies in its series Economics Series with number 90.

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Length: 26 pages
Date of creation: Nov 2000
Date of revision:
Handle: RePEc:ihs:ihsesp:90

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Related research
Keywords: Education; Human capital accumulation; Optimal policy;

Find related papers by JEL classification:
H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
H42 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Private Goods
I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
I28 - Health, Education, and Welfare - - Education - - - Government Policy

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.:

  1. Chamley, Christophe, 1993. "Externalities and Dynamics in Models of "Learning or Doing."," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(3), pages 583-609, August. [Downloadable!] (restricted)
    Other versions:
  2. Glomm, Gerhard & Ravikumar, B, 1992. "Public versus Private Investment in Human Capital Endogenous Growth and Income Inequality," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 813-34, August.
  3. James J. Heckman, 1999. "Policies to Foster Human Capital," NBER Working Papers 7288, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Cooper, Russell & John, Andrew, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, MIT Press, vol. 103(3), pages 441-63, August. [Downloadable!] (restricted)
  5. Daron Acemoglu & Joshua Angrist, 1999. "How Large are the Social Returns to Education? Evidence from Compulsory Schooling Laws," NBER Working Papers 7444, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Glaeser, Edward L., 1994. "Why does schooling generate economic growth?," Economics Letters, Elsevier, vol. 44(3), pages 333-337. [Downloadable!] (restricted)
  7. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Kai A. Konrad & Amedeo Spadaro, 2003. "Selection Filters, Redistributive Taxation and Overconfidence," DELTA Working Papers 2003-22, DELTA (Ecole normale supérieure). [Downloadable!]
  2. Pierre-Richard Agénor, 2005. "Infrastructure, Public Education and Growth with Congestion Costs," The School of Economics Discussion Paper Series 0524, Economics, The University of Manchester. [Downloadable!]
    Other versions:
  3. Roland Amann, 2004. "Policies in Tertiary Education and the Change in Attendance and Time-to-Degree," Working Papers of the Research Group Heterogenous Labor 04-18, Research Group Heterogeneous Labor, University of Konstanz/ZEW Mannheim. [Downloadable!]
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