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Education policy, growth and welfare

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  • Nikos Benos

Abstract

The present paper studies the general equilibrium implications of two types of education policy in an overlapping generations model. We examine education transfers, which augment inherited private education spending, and public investment on economy-wide human capital, which provides externalities to individual human capital accumulation. The government determines jointly the tax rate and the allocation of tax revenues among the two types of education policy. The optimal division of public spending between the education policy instruments and the associated tax rate depend on the elasticities of human capital accumulation with regard to education transfers and public investment on economy-wide human capital.

Suggested Citation

  • Nikos Benos, 2010. "Education policy, growth and welfare," Education Economics, Taylor & Francis Journals, vol. 18(1), pages 33-47.
  • Handle: RePEc:taf:edecon:v:18:y:2010:i:1:p:33-47
    DOI: 10.1080/09645290802500263
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    References listed on IDEAS

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    1. Belzil, Christian & Hansen, Jörgen, 2003. "Structural Estimates of the Intergenerational Education Correlation," IZA Discussion Papers 973, Institute for the Study of Labor (IZA).
    2. L. Marattin, 2007. "Optimal Fiscal Policy with Private and Public Investment in Education," Working Papers 589, Dipartimento Scienze Economiche, Universita' di Bologna.
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    Cited by:

    1. Basseti, Thomas & Benos, Nikos & Karagiannis, Stelios, 2010. "How policy can influence human capital accumulation and environment quality," MPRA Paper 21754, University Library of Munich, Germany.
    2. Tahar Abdessalem, 2010. "Financing Higher Education in Tunisia," Working Papers 551, Economic Research Forum, revised 10 Jan 2010.

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