Educational as a Positional Good : The Role of Vouchers
People's satisfaction from some goods and services depends on their relative as distinct from their absolute position as consumers. Such items are called "positional goods", and a restriction of their supply in the situation of general income growth is conducive to expenditure escalation as in an arms race. If education is a positional good in this sense, arrangements are needed that will best prevent such an outcome.
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|Date of creation:||Feb 1997|
|Date of revision:|
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