This paper aims to show the evolution of the role and importance of education in economic theory, especially in … of the role and importance of education in the development process. Presentation of the classification theory refers to … theories of interdependence of education and development (theory of human capital, human development and approach to the …

This paper considers how optimal education and tax policy depends on the risk properties of human capital. It is … positive or a negative education premium. In the same model a positive intertemporal wedge is optimal. A set of generalizations …, including non-observability of education, non-observability of consumption, and temporal resolution of uncertainty, are then …