The dominant role played by the state in the financing, regulation, and provision of primary and secondary education reflects the widely-held belief that education is necessary for personal and societal well-being. The economic organization of education depends on political as well as market...

The phenomenon of systemic changes in the fortunes of social groups is hard to reconcile with traditional macroeconomic models of intergenerational mobility. This paper, therefore, proposes a theory of endogenous reversal of fortune, whereby instilling strict work norms is an instrument to...