This paper develops a political economy of public funding of education to evaluate the welfare implications of a move from a stateÜwide education financing policy to a nationÜwide education financing policy. In a general equilibrium overlapping generations model where parents care about their...

The objective of this work is to evaluate the impact of a social security system on the well-being of each individual in the economy and to challenge the measures commonly used in this type of policy analysis. We show that measures based on the notion of actuarial fairness do not measure...