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 recruitment. Although meritocratic selection should result in the best …

We use rich microeconomic data on performance and choices of students at college entry to study the interaction between … which preferences and expectations of students are identified from data on choices and multiple exam grades. Counterfactuals … timing of choices and exams are shown to increase welfare. Redistribution among students or schools is sizeable in all …