either a concept-based, general' education or a skill-specific, vocational' education. General education is more costly to … policies favor vocational education will grow slower in equilibrium than one that favors general education. Moreover, the gap … education subsidy policy we demonstrate that the optimal subsidy for general education increases with the growth rate of …

either a concept-based, general' education or a skill-specific, vocational' education. General education is more costly to … policies favor vocational education will grow slower in equilibrium than one that favors general education. Moreover, the gap … education subsidy policy we demonstrate that the optimal subsidy for general education increases with the growth rate of …

facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium effects of … exhibits an optimal aggregate saving rate that is independent of income risk, whereas the optimal time-invariant tax on capital … implementing this saving rate is increasing in income risk. The optimal saving rate is constant along the transition and its sign …