This paper shows that the design of education policy involves a potential conflict between welfare and social mobility. We consider a setting in which social mobility is maximized under the least elitist public education system, whereas welfare maximization calls for the most elitist system. We...

The aim of this paper is to examine the evolution of recruitment of elites and to investigate the nature of the links between recruitment of elites and economic growth. The main change that occurred in the way the Western world trained its elites is that meritocracy became the basis for their...

This paper utilizes data on the presence of prominent individuals-that is, those with political (e.g., Members of Parliament) and aristocratic titles (e.g., lords)--on the boards of directors of English and Welsh banks from 1879 - 1909 to investigate whether the appointment of well-connected...