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Author:: Soares, J
Journal:: JOURNAL OF PUBLIC ECONOMICS
Issue Date:: 2003
Abstract(summary):: The objective of this paper is to study whether publicly funded education can emerge as a political and economic equilibrium in an overlapping generations economy in which selfish agents vote for public funding of education. The presence of complementarities between capital and labor in the production function implies that, by improving the skills of next period's workers, public funding of education increases the return on capital. As a result, savers will support a publicly financed education system in order to enhance their future income. A version of the model calibrated using U.S. data generates large shares of GNP allocated to education. Hence the non-altruistic incentive to support public education is quantitatively important. (C) 2002 Elsevier Science B.V. All rights reserved.
Page:: 703---727

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Cited By

Gradstein, M, Kaganovich, M. Aging population and education finance[J]. JOURNAL OF PUBLIC ECONOMICS,2004:2469---2485.
Soares, J. A dynamic general equilibrium analysis of the political economy of public education RID B-5871-2009[J]. JOURNAL OF POPULATION ECONOMICS,2006:367---389.
Stoddard, Christiana. Why did Education Become Publicly Funded? Evidence from the Nineteenth-Century Growth of Public Primary Schooling in the United States[J]. JOURNAL OF ECONOMIC HISTORY,2009:172---201.
Lambert, Dayton M., Clark, Christopher D., Wilcox, Michael D., Park, William M.. Public Education Financing Trends and the Gray Peril Hypothesis RID A-2073-2012[J]. GROWTH AND CHANGE,2009:619---648.
Haupt, Alexander. The evolution of public spending on higher education in a democracy[J]. EUROPEAN JOURNAL OF POLITICAL ECONOMY,2012:557---573.
Soares, J. Public education reform: Community or national funding of education? RID B-5871-2009[J]. JOURNAL OF MONETARY ECONOMICS,2005:669---697.
Blankenau, William, Cassou, Steven P., Ingram, Beth. Allocating government education expenditures across K-12 and college education[J]. ECONOMIC THEORY,2007:85---112.

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