publication . Article . Preprint . 1999

Growth or stagnation? The role of public education

Kenneth Beauchemin;
Open Access
  • Published: 01 Jan 1999 Journal: Journal of Development Economics, volume 64, pages 389-416 (issn: 0304-3878, Copyright policy)
  • Publisher: Elsevier BV
Abstract
This paper presents a political-economic theory of growth and human capital accumulation. Age heterogeneity is put forth as the primary source of disagreement between individuals over various levels public education expenditures. An overlapping generations model with with two-period lived agents is constructed to capture the heterogeneity. With a growing population, the equilibrium quantity of public education reflects the preferences of youth and is therefore foward looking. As such, policy preferences are a function of intertemporal elasticities, utility discounting and population growth. Despite foward looking behavior, it is shown that sufficiently rapid pop...
Subjects
free text keywords: Economic Growth; Public Education; Political Economics, Economics and Econometrics, Development, jel:O40, jel:E62
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