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Public Policy for Efficient Education

Author

Listed:
  • Walter H. Fisher
  • Christian Keuschnigg

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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Suggested Citation

  • Walter H. Fisher & Christian Keuschnigg, 2002. "Public Policy for Efficient Education," Metroeconomica, Wiley Blackwell, vol. 53(4), pages 361-390, November.
    • Handle: RePEc:bla:metroe:v:53:y:2002:i:4:p:361-390
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    File URL: http://hdl.handle.net/10.1111/1467-999X.00148
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    Cited by:

    1. Pierre-Richard Agénor, 2012. "Infrastructure, Public Education And Growth With Congestion Costs," Bulletin of Economic Research, Wiley Blackwell, vol. 64(4), pages 449-469, October.
    2. Eleftherios Goulas & Athina Zervoyianni, 2012. "Growth, Deficits and Uncertainty in a Panel of 28 Countries," Working Paper series 52_12, Rimini Centre for Economic Analysis.
    3. Censolo, Roberto & Colombo, Caterina, 2008. "Public consumption composition in a growing economy," Journal of Macroeconomics, Elsevier, vol. 30(4), pages 1479-1495, December.
    4. Maria Ines Barbosa Camargo, 2015. "Efectos de los mecanismos de financiación en el acceso a la educación superior en Colombia," Investigaciones de Economía de la Educación volume 10, in: Marta Rahona López & Jennifer Graves (ed.), Investigaciones de Economía de la Educación 10, edition 1, volume 10, chapter 5, pages 115-134, Asociación de Economía de la Educación.
    5. Martin Zagler & Georg Dürnecker, 2003. "Fiscal Policy and Economic Growth," Journal of Economic Surveys, Wiley Blackwell, vol. 17(3), pages 397-418, July.

    More about this item

    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

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