Public versus Private Investment in Human Capital: Endogenous Growth and Income Inequality
构建了一个异质性主体的世代交叠模型，比较公共教育与私人教育对收入不平等和人均收入的影响，发现公共教育能更快降低不平等，但私人教育在初始不平等不高时带来更高人均收入。
In this paper, the authors present an overlapping generations model with heterogeneous agents in which human capital investment through formal schooling is the engine of growth. The authors use simple functional forms for preferences, technologies, and income distribution to highlight the distinction between economies with public education and those with private education. The authors find that income inequality declines more quickly under public education. On the other hand, private education yields greater per capita incomes unless the initial income inequality is sufficiently high. The authors also find that societies will choose public education if a majority of agents have incomes below average. Copyright 1992 by University of Chicago Press.