Essay one is concerned with how and why an individual invests in human capital and how tax policy affects investment in human capital. We examine optimal investment in human capital and the effect of tax policy on human capital formation, and test several hypotheses derived from the theory using...

A new approach is suggested that depends on and measures how spending on higher and basic education is really an investment in the future, not consumption spending. This is a vital distinction because investment in human capital contributes to growth and to broader development beyond earnings...

This paper provides a conceptual framework for the articles that follow in this special issue of the Journal of Education Finance by exploring how the external social benefits of higher education contribute to higher sustainable rates of per capita development of families and nations. It...