The importance of investment in early childhood education (ECE) has been widely documented in the literature. Among the …

data mostly contradict the traditional view that education was a leading source of the seismic social phenomenon of … fixed effects account for time-invariant unobserved heterogeneity, education – but not income or urbanization – is …

This paper considers how optimal education and tax policy depends on the risk properties of human capital. It is … positive or a negative education premium. In the same model a positive intertemporal wedge is optimal. A set of generalizations …, including non-observability of education, non-observability of consumption, and temporal resolution of uncertainty, are then …

for both the public pay-as-you-go pension scheme and the public education system. Without labor mobility, each generation … a popular belief that increasing labor mobility decreases the incentives to finance the education of the subsequent …