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Education Systems, Growth and Welfare

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Author Info
Nikos Benos

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Abstract

This paper focuses on the implications of Decentralized Education (DE) and Centralized Public Education (CPE) for growth and welfare in an overlapping generations model. Individuals choose learning time, consumption and human capital. Under DE, there is no government intervention, while in CPE, human capital is augmented by public education expenditures financed by a distortionary income tax, where the latter is chosen by a benevolent fiscal authority. CPE is welfare superior to DE for moderate/strong preferences over human capital bequests and medium/high elacticities of human capital with respect to average public education spending, average and parental human capital. So, even if we abstract from equity considerations, education policy may be supported on welfare grounds

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File URL: http://papers.econ.ucy.ac.cy/RePEc/papers/5-2005.pdf
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Publisher Info
Paper provided by University of Cyprus Department of Economics in its series University of Cyprus Working Papers in Economics with number 5-2005.

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Length: 30 pages
Date of creation: Sep 2005
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Handle: RePEc:ucy:cypeua:5-2005

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Web page: http://www.econ.ucy.ac.cy

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Related research
Keywords: Economic development; Educational Finance; National Government expenditures and education;

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References listed on IDEAS
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  1. Dee, Thomas S., 2004. "Are there civic returns to education?," Journal of Public Economics, Elsevier, vol. 88(9-10), pages 1697-1720, August. [Downloadable!] (restricted)
  2. Cardak, Buly A., 2005. "Education Vouchers, Growth, And Income Inequality," Macroeconomic Dynamics, Cambridge University Press, vol. 9(01), pages 98-121, February. [Downloadable!]
  3. Volker Meier, 2000. "Choosing Between School Systems," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  4. Robert J. Barro, 2001. "Human Capital and Growth," American Economic Review, American Economic Association, vol. 91(2), pages 12-17, May. [Downloadable!] (restricted)
  5. Belzil, Christian & Hansen, Jörgen, 2003. "Structural Estimates of the Intergenerational Education Correlation," IZA Discussion Papers 973, Institute for the Study of Labor (IZA). [Downloadable!]
  6. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 501-26, May. [Downloadable!] (restricted)
  7. Gerhard Glomm & B. Ravikumar, 1998. "Flat-Rate Taxes, Government Spending on Education, and Growth," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 306-325, January. [Downloadable!] (restricted)
  8. Soares, Jorge, 2003. "Self-interest and public funding of education," Journal of Public Economics, Elsevier, vol. 87(3-4), pages 703-727, March. [Downloadable!] (restricted)
  9. 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.
  10. Gradstein, Mark & Justman, Moshe, 2005. "The melting pot and school choice," Journal of Public Economics, Elsevier, vol. 89(5-6), pages 871-896, June. [Downloadable!] (restricted)
  11. Zhang, Jie, 1996. " Optimal Public Investments in Education and Endogenous Growth," Scandinavian Journal of Economics, Blackwell Publishing, vol. 98(3), pages 387-404.
  12. Thum, Claudio & Uebelmesser, Silke, 2003. "Mobility and the Role of Education as a Commitment Device," International Tax and Public Finance, Springer, vol. 10(5), pages 549-64, September. [Downloadable!] (restricted)
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  13. Cardak, Buly A, 1999. "Heterogeneous Preferences, Education Expenditures and Income Distribution," The Economic Record, The Economic Society of Australia, vol. 75(228), pages 63-76, March.
  14. Persson, Torsten & Tabellini, Guido, 1994. "Is Inequality Harmful for Growth?," American Economic Review, American Economic Association, vol. 84(3), pages 600-621, June. [Downloadable!] (restricted)
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  15. Hanushek, Eric A., 2002. "Publicly provided education," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 30, pages 2045-2141 Elsevier. [Downloadable!] (restricted)
    Other versions:
  16. Xavier Sala-I-Martin & Gernot Doppelhofer & Ronald I. Miller, 2004. "Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach," American Economic Review, American Economic Association, vol. 94(4), pages 813-835, September. [Downloadable!]
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  17. Blankenau, William F. & Simpson, Nicole B., 2004. "Public education expenditures and growth," Journal of Development Economics, Elsevier, vol. 73(2), pages 583-605, April. [Downloadable!] (restricted)
  18. Papke, Leslie E., 2005. "The effects of spending on test pass rates: evidence from Michigan," Journal of Public Economics, Elsevier, vol. 89(5-6), pages 821-839, June. [Downloadable!] (restricted)
  19. Buly A. Cardak, 2004. "Education Choice, Endogenous Growth and Income Distribution," Economica, London School of Economics and Political Science, vol. 71, pages 57-81, 02. [Downloadable!] (restricted)
  20. Glomm, Gerhard & Ravikumar, B., 2003. "Public education and income inequality," European Journal of Political Economy, Elsevier, vol. 19(2), pages 289-300, June. [Downloadable!] (restricted)
  21. Kaganovich, Michael & Zilcha, Itzhak, 1999. "Education, social security, and growth," Journal of Public Economics, Elsevier, vol. 71(2), pages 289-309, February. [Downloadable!] (restricted)
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  22. Gradstein, Mark, 2000. "An economic rationale for public education: The value of commitment," Journal of Monetary Economics, Elsevier, vol. 45(2), pages 463-474, April. [Downloadable!] (restricted)
    Other versions:
  23. Epple, Dennis & Romano, Richard E, 1998. "Competition between Private and Public Schools, Vouchers, and Peer-Group Effects," American Economic Review, American Economic Association, vol. 88(1), pages 33-62, March. [Downloadable!] (restricted)
  24. Gerhard Glomm & B. Ravikumar, 2001. "Human capital accumulation and endogenous public expenditures," Canadian Journal of Economics, Canadian Economics Association, vol. 34(3), pages 807-826, August. [Downloadable!] (restricted)
  25. repec:cup:macdyn:v:9:y:2005:i:1:p:98-121 is not listed on IDEAS
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  27. Mark Gradstein & Moshe Justman, 2002. "Education, Social Cohesion, and Economic Growth," American Economic Review, American Economic Association, vol. 92(4), pages 1192-1204, September. [Downloadable!]
    Other versions:
  28. Diego Restuccia & Carlos Urrutia, 2004. "Intergenerational Persistence of Earnings: The Role of Early and College Education," American Economic Review, American Economic Association, vol. 94(5), pages 1354-1378, December. [Downloadable!]
    Other versions:
  29. Viaene, Jean-Marie & Zilcha, Itzhak, 2001. "Human Capital Formation, Income Inequality and Growth," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  30. Temple, Jonathan, 2001. "Growth Effects of Education and Social Capital in the OECD Countries," CEPR Discussion Papers 2875, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  31. 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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