We analyze the optimal life-cycle education decision of a single atomistic individual and show that the standard result of part-time education and part-time work throughout the life-cycle holds only under very special and unrealistic assumptions. Once these assumptions are relaxed, different...

Interactions between knowledge and health are studied in a three-period overlapping generations model with health persistence. Agents face a non-zero probability of death in adulthood. In addition to working, adults allocate time to child rearing. Growth dynamics depend in important ways on the...

How far is the world away from ensuring that every child obtains the basic skills needed to be internationally competitive? And what would accomplishing this mean for world development? Based on the micro data of international and regional achievement tests, we map achievement onto a common...