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Universitary Financing and Welfare: A Dynamic Analysis with Heterogeneous Agents and Overlapping Generations

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  • Juan M. Sanchez

    (PhD student, University of Rochester)

Abstract

This paper develops a model in which it is possible to evaluate alternatives of human capital financing. The alternative systems under discussion are: total feeing; graduates taxes and uniform taxes (this can be associated to the scheme presently used in the Argentina universitary system). Assessment of the alternatives is performed over welfare, based on the indicators of poverty, equality, equity (justice in the distribution) and the average levels of utility and wealth. Likewise, the functions of welfare presented by Bentham, Rawls, Atkinson, Sen and Kakwani are also considered. The most remarkable results are obtained through the simulation of an economy under three scenarios. In that way, the system of graduates taxation is found to be better for welfare; whereas the system of uniform taxation only can be justified as it maximises the number of students. In addition, an analysis of political economy in this model helps to understand why a system of uniform taxation can be sustainable on the time.

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File URL: http://128.118.178.162/eps/mac/papers/0402/0402001.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0402001.

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Length: 48 pages
Date of creation: 01 Feb 2004
Date of revision:
Handle: RePEc:wpa:wuwpma:0402001

Note: Type of Document - pdf; prepared on Win98; pages: 48; figures: 20
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Web page: http://128.118.178.162

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Keywords: Human Capital; Welfare; Overlapping Generation;

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  1. Martin Browning & Lars Peter Hansen & James J. Heckman, 1999. "Micro Data and General Equilibrium Models," Discussion Papers 99-10, University of Copenhagen. Department of Economics.
  2. Caucutt, Elizabeth M. & Kumar, Krishna B., 2003. "Higher education subsidies and heterogeneity: a dynamic analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 27(8), pages 1459-1502, June.
  3. Foster, James & Greer, Joel & Thorbecke, Erik, 1984. "A Class of Decomposable Poverty Measures," Econometrica, Econometric Society, vol. 52(3), pages 761-66, May.
  4. Leonardo Gasparini & Walter Sosa Escudero, 2000. "Assessing Aggregate Welfare: Growth and Inequality in Argentina," Department of Economics, Working Papers 021, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata.
  5. Galor, Oded & Zeira, Joseph, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Wiley Blackwell, vol. 60(1), pages 35-52, January.
  6. Maitreesh Ghatak & Massimo Morelli & Tomas Sjostrom, 2002. "Credit Rationing, Wealth Inequality, and Allocation of Talent," STICERD - Theoretical Economics Paper Series 441, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  7. Christopher Phelan, 2002. "Inequality and fairness," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr.
  8. 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 818-34, August.
  9. Hung-ju Chen, 2003. "Educational Systems, Growth and Income Distribution: A Quantitative Study," Computing in Economics and Finance 2003 13, Society for Computational Economics.
  10. Daron Acemoglu, 2000. "Credit Market Imperfections and Persistent Unemployment," NBER Working Papers 7938, National Bureau of Economic Research, Inc.
  11. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  12. Huberto Ennis & Alberto Porto, 2001. "Igualdad de Oportunidades e Ingreso a la Universidad Pública en la Argentina," Department of Economics, Working Papers 030, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata.
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