We model a higher education system that admits students according to their admission signal (e.g., matriculation GPA, SAT), which is, in turn, affected by their cognitive ability and socioeconomic background. We show that subsidizing education loans increases neither human capital stock nor...

Merit and justice / Amartya Sen -- Equality of opportunity / John E. Roemer -- IQ trends over time: intelligence, race, and meritocracy / James R. Flynn -- Genes, culture, and inequality / Marcus W. Feldman, Sarah P. Otto, and Freddy B. Christiansen -- Schooling, intelligence, and income in...