Educational systems,growth and income distribution: a quantitative study |
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| Institution: | 1. Department of Economics and Finance, University of Guelph, Guelph, ON N1G 2W1, Canada;2. Department of Economics, University of Illinois, 216 David Kinley Hall, 1407 W. Gregory Dr., Urbana, IL 61801, USA;1. Department of Mathematics, Pusan National University, Pusan 46241, South Korea;2. Investment & Financial Engineering Dept., Korea Investment & Securities Co., Ltd., Seoul 07321, South Korea;3. Department of Mathematics, Yonsei University, Seoul 03722, South Korea;1. Centro Brasileiro de Pesquisas Fisicas, National Institute of Science and Technology for Complex Systems, Rua Xavier Sigaud 150, Rio de Janeiro 22290-180 RJ, Brazil;2. Santa Fe Institute, 1399 Hyde Park Road, Santa Fe, NM 87501, USA |
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| Abstract: | This study sets out to develop a dynamic model within an economy characterized by the coexistence of public and private schools, under imperfect credit market conditions, in an attempt to provide a clearer understanding of the evolution of economic growth and income inequality. We find that any government wishing to reduce income inequality should adopt policies aimed at increasing the enrollment rate in public schools. However, whilst high enrollment rates can be sustained in private schools, and thus create enhanced economic growth, this can only occur if accompanied by the liberalization of the credit markets. |
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