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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NBER Working Papers
7444, National Bureau of Economic Research, Inc.
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"Externalities and Dynamics in Models of "Learning or Doing","
Boston University - Institute for Economic Development
17, Boston University, Institute for Economic Development.
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Research in Economics,
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- 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.
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- 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.
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NBER Working Papers
7349, National Bureau of Economic Research, Inc.
- repec:tpr:qjecon:v:103:y:1988:i:3:p:441-63 is not listed on IDEAS
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