Why invest in your neighbor? Social contract on educational investment
It may be in the interest of low-ability individuals to subsidize theeducation of high-ability individuals. The sufficient conditions aresurprisingly mild: positive externalities in education andcomplementarity in production between human capital and labor suppliedby the low-ability individuals. However, tax competition and the freemobility of the educated give rise to time-inconsistency and free-ridingproblems which render such a social contract infeasible and result in asuboptimally low investment in education.
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| Length: | |
| Date of creation: | 2000 |
| Publication status: | Published in International Tax and Public Finance 4-5 7(2000): pp. 547-562 |
| Handle: | RePEc:lmu:muenar:19797 |
| Contact details of provider: | Postal: Ludwigstr. 28, 80539 Munich, Germany Phone: +49-(0)89-2180-3405 Fax: +49-(0)89-2180-3510 Web page: http://www.vwl.uni-muenchen.de More information through EDIRC
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References listed on IDEAS
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