A dynamic general equilibrium analysis of the political economy of public education |
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Authors: | Jorge Soares |
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Institution: | (1) Department of Economics, University of Delaware, 315 Purnell Hall, Newark, DE 19716, USA |
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Abstract: | The primary objective of this paper is to highlight the distinct roles of altruism and of self-interest in the political determination of a public education policy. I assess the relative importance of three factors in the determination of the equilibrium level of this policy: altruism, the impact of public funding of education on social security benefits, and its impact on factor prices. I then focus on the impact of implementing a social security system on the equilibrium levels of education funding and on welfare. I find that although in the benchmark economy, the presence of social security might generate support for public funding of education, its overall effect on the well-being of individuals is negative for any level of social security taxation. |
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Keywords: | Public education Voting General equilibrium |
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