Optimal Public Investments in Education and Endogenous Growth
研究在存在外部性的内生增长模型中，通过补贴私立教育或提供公立教育进行人力资本公共投资的最优选择，发现补贴私立教育促进增长且无分配效应，而公立教育在特定条件下可能抑制增长并降低福利。
Optimal public investments in human capital through subsidizing private education or providing public education are considered in an endogenous growth model with externalities. Subsidizing private education stimulates growth, improves welfare, and has no distributional effect. While reducing income inequality as in the literature, public education hinders the growth of the average income unless externalities are strong enough and reduces the welfare of the median agent unless initial income inequality is sufficiently high. Societies with high income inequality may provide public education and will replace it with subsidized private education in some future periods as income converges. Copyright 1996 by The editors of the Scandinavian Journal of Economics.