Throughout the developed and developing worlds, education spending is seen as a key tool for government policy makers in the quest for economic growth. Promoting 'human capital' development is a prime objective for economic and education ministries. The seminal articles discussed in this...

A parallel of education with transformative processes in standard markets suggest that a more severe control of the quality of the output will improve the overall quality of the education. This paper shows a somehow counterintuitive result: an increase in the exam diffculty may reduce the...