The purpose of this paper is to examine the long-run relationship between public education expenditures and economic growth. The social benefits of education exceed its private benefits. Therefore, education is considered a merit good; if not supplied by the public sector, private production is...

Demographic trends in most developed economies are characterized by rising longevity and decreasing birthrates. These trends endanger the sustainability of the current public pension systems. Therefore social security reform proposals are on the agenda in many countries. This paper demonstrates...