Should education become more vocational or more general? We address this question in two steps. We first build and … education type vehicles three main externalities: specialists boost job creation in each sector; generalists improve the … unemployment rates by type of education in 2000. Self-selection is always inefficient: taxing vocational education to reduce the …

workers are located on a knowledge space. Education widens the measure of the knowledge subset that the worker embodies, while …, risk aversion motivates a precautionary demand for education, which in turn creates income risk through firms …