Educación para los jóvenes y pensiones para los mayores: ¿Existe alguna relación? Evidencia para España
We argue that the public financing of education can be understood as an investment in the human capital of young generations, whose profitability is obtained via pension payments. Similarly, we should understand the social security contributions as the repayment of school transfers received in early life. In a world in which credit markets to finance investments in human capital are missing, the intergenerational transfer flows described before can restore an efficient allocation of resources. For that to be true we should observe an equality between the market rate of interest and the two rates of return implicit in the flow of taxes and transfers supporting public education and public pensions. We test these predictions for Spain. The results are surprisingly good. (Copyright: Fundación Empresa Pública)
Volume (Year): 26 (2002)
Issue (Month): 1 (January)
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- Gary S. Becker & Kevin M. Murphy, .
"The Family and the State,"
University of Chicago - Population Research Center
87-15, Chicago - Population Research Center.
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