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Education Financing And Growth Using An Overlapping Generations Model: A Theoretical Perspective

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  • Alleiddine Ayed Zambaa
  • Lobna Ben Hassen

Abstract

This paper proposes an overlapping generations model along the lines of the papers by Glomm and Ravikumar (1997). Its aim is to provide a theoretical extension in which we establish, in an original framework, a comparison of public and private educational financing systems in terms of economic growth. The results provide a critique of the literature that suggests that private expenditure will inevitably lead to greater economic growth than a policy of public education.

Suggested Citation

  • Alleiddine Ayed Zambaa & Lobna Ben Hassen, 2013. "Education Financing And Growth Using An Overlapping Generations Model: A Theoretical Perspective," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 58(197), pages 7-22, April – J.
    • Handle: RePEc:beo:journl:v:58:y:2013:i:197:p:7-22
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    References listed on IDEAS

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    1. Glomm, Gerhard, 1997. "Parental choice of human capital investment," Journal of Development Economics, Elsevier, vol. 53(1), pages 99-114, June.
    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 818-834, August.
    3. Khan, Mohsin S & Kumar, Manmohan S, 1997. "Public and Private Investment and the Growth Process in Developing Countries," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 59(1), pages 69-88, February.
    4. 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.
    5. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    6. Glomm, Gerhard & Ravikumar, B., 1997. "Productive government expenditures and long-run growth," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 183-204, January.
    7. Jimenez, Emmanuel & Lockheed, Marlaine E & Paqueo, Vicente, 1991. "The Relative Efficiency of Private and Public Schools in Developing Countries," The World Bank Research Observer, World Bank, vol. 6(2), pages 205-218, July.
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    Keywords

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    JEL classification:

    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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