In the nineteenth century, skeptics wondered whether socialism could succeed at all. After the Bolshevik Revolution launched a first great experiment in building socialism, it was conceded that a socialist economy could indeed allocate the nation's resources with reasonable effectiveness and...

An intergenerational model of wealth distribution is the basis for an analysis of educational policy: specifically grants, loans and subsidies. Parents endow their children with education and/or cash bequest; the child's earned income and the cash bequest may be taxed. For given tax schedules...