in favour of human capital investments. This effect is strengthened when education no longer is a pure investment, but … investments, and it reduces the price of education as a consumption good. By introducing a progressive labour income tax, the …

income for different education groups and to estimate the level of consumption smoothing. We split households into three … groups based on educational attainment: primary education, secondary school, and university. We find that the university … with less education. This implies that investing in education is an investment not only in higher income and sometimes more …

uses the framework of an education production function to provide descriptive analysis of the extent to which different …

partly to the redistributive effect of education spending. In the model income inequality and growth depend in an inverted U …-shaped way on education. To maintain a given level of human capital it is shown that a less efficient schooling technology …-tax inequality if it spent more on education. …

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 …

In this model of education, where individuals are exposed both to educational risk and to wage risk within the skilled … enhancing the quality of education. The necessary expenditures are optimally financed by regressive tuition fees and the net …

initiated without mass education, which is triggered later by technical progress and economic development. …We propose an innovation-driven growth model in which education is determined by family background and cognitive … ability. We show that compulsory schooling can move a society from elite education to mass education, which then triggers …