Distributional Effects of Public Education in an Economy with Public Pensions * By

  title={Distributional Effects of Public Education in an Economy with Public Pensions * By},
  author={Gerhard Glomm and Michael Kaganovich},
We study how the allocation of government expenditures between two major outlays--education and pay-as-you-go social security--affects human capital distribution in an economy with heterogeneous agents. We consider an overlapping generations economy where the government maintains both programs, and allocates tax revenues to finance them. In our model, human capital is one of the factors of production. It is itself produced as a combined result of public inputs and private inputs. Parents… CONTINUE READING
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