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Private versus public financing of education and endogenous growth

  • Jean-Pierre Vidal

    ()

    (GREQAM, Centre National de la Recherche Scientifique, 2 rue de la Charité, 13002 Marseille, France)

  • Michael Bräuninger

    ()

    (Department of Economics, Universität der Bundeswehr Hamburg, Holstenhofweg 85, 22043 Hamburg, Germany)

This paper examines interactions between education policy and growth. The analysis is carried out in an OLG model with two types of individuals: skilled and unskilled. An increase in public education reduces private costs of education, increases the proportion of skilled individuals, and tends to promote growth. On the other hand, education spending crowds out physical capital and reduces learning-by-doing. A marginal increase in the education subsidy can lower growth. It is yet shown that pure public education maximizes the long-run growth rate. Importantly, a partial subsidy to education can result in lower growth than pure private education.

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Article provided by Springer in its journal Journal of Population Economics.

Volume (Year): 13 (2000)
Issue (Month): 3 ()
Pages: 387-401

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Handle: RePEc:spr:jopoec:v:13:y:2000:i:3:p:387-401
Note: Received: 7 March 1999/Accepted: 25 November 1999
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