the form of in-kind collective expenditure (e.g., education, defense, infrastructure). The dominant assumption in the …, we find that public education spending goes disproportionately to the bottom half of the income distribution. A lump …-sum allocation provides a good approximation. Moving beyond the cross-section, we find that public education expenditure is …

productive abilities and education. Additionally, the system insures against 48% of lifetime earnings risk. Implementing a …