Public Policy for Efficient Education
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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- Daron Acemoglu & Joshua Angrist, 1999.
"How Large are the Social Returns to Education? Evidence from Compulsory Schooling Laws,"
99-30, Massachusetts Institute of Technology (MIT), Department of Economics.
- Daron Acemoglu & Joshua Angrist, 1999. "How Large are the Social Returns to Education? Evidence from Compulsory Schooling Laws," NBER Working Papers 7444, National Bureau of Economic Research, Inc.
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- Edward P. Lazear, 1999. "Educational Production," NBER Working Papers 7349, National Bureau of Economic Research, Inc.
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- Chamley, Christophe, 1993.
"Externalities and Dynamics in Models of "Learning or Doing.","
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(3), pages 583-609, August.
- Christophe Chamley, 1991. "Externalities and Dynamics in Models of "Learning or Doing"," Boston University - Institute for Economic Development 17, Boston University, Institute for Economic Development.
- Heckman, James J., 2000.
"Policies to foster human capital,"
Research in Economics,
Elsevier, vol. 54(1), pages 3-56, March.
- James J. Heckman, 1999. "Policies to Foster Human Capital," NBER Working Papers 7288, National Bureau of Economic Research, Inc.
- James Heckman, 2000. "Policies to Foster Human Capital," Working Papers 0028, Harris School of Public Policy Studies, University of Chicago.
- James J. Heckman, 2000. "Policies to Foster Human Capital," JCPR Working Papers 154, Northwestern University/University of Chicago Joint Center for Poverty Research.
- Glomm, Gerhard & Ravikumar, B, 1992. "Public versus Private Investment in Human Capital Endogenous Growth and Income Inequality," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 818-34, August.
- Russell Cooper & Andrew John, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, Oxford University Press, vol. 103(3), pages 441-463.
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