Inversiones gubernamentales en educación e infraestructura: Ramsey contra las alternativas de elección pública en un modelo de crecimiento del ciclo de vida
Government financing of schooling is necessitated by capital market imperfections. Governments are also responsible for maintaining a stock of public capital that enters private production function. In this paper the welfare implications and politics of these investments are examined in a version of...
| Main Authors: | , |
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| Format: | Online |
| Language: | English |
| Editor: |
El Colegio de México, A.C.
1997
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| Subjects: | |
| Online Access: | https://estudioseconomicos.colmex.mx/index.php/economicos/article/view/252 |
| Journal: |
Estudios Económicos |
| Summary: | Government financing of schooling is necessitated by capital market imperfections. Governments are also responsible for maintaining a stock of public capital that enters private production function. In this paper the welfare implications and politics of these investments are examined in a version of Diamond (1965) growth model. It is argued that in decentralized environments where the working generation is decisive each period significant underinvestment in both schooling and infrastructure will be observed relative to the Ramsey equilibrium. |
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