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The Political Economy of Education : Implications for Growth and Inequality - Mark Gradstein

The Political Economy of Education

Implications for Growth and Inequality

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The dominant role played by the state in the financing, regulation, and provision of primary and secondary education reflects the widely-held belief that education is necessary for personal and societal well-being. The economic organization of education depends on political as well as market mechanisms to resolve issues that arise because of contrasting views on such matters as income inequality, social mobility, and diversity. This book provides the theoretical framework necessary for understanding the political economy of education--the complex relationship of education, economic growth, and income distribution--and for formulating effective policies to improve the financing and provision of education. The relatively simple models developed illustrate the use of analytical tools for understanding central policy issues. After offering a historical overview of the development of public education and a review of current econometric evidence on education, growth, and income distribution, the authors lay the theoretical groundwork for the main body of analysis. First they develop a basic static model of how political decisions determine education spending; then they extend this model dynamically. Applying this framework to a comparison of education financing under different regimes, the authors explore fiscal decentralization; individual choice between public and private schooling, including the use of education vouchers to combine public financing of education with private provision; and the social dimension of education--its role in state-building, the traditional "melting pot" that promotes cohesion in a culturally diverse society.

Industry Reviews

"A first-rate, rigorous treatise formalizing important issues in the economics of education, including efficiency, equity, and key social externalities. Highly recommended."--H. M. Levin, William Heard Kilpatrick Professor of Economics and Education, Teachers College, Columbia University, and David Jacks Professor of Education and Economics, Emeritus, Stanford University

Series Forewordp. vii
Prefacep. ix
Introductionp. 1
Economic Models of Education: What Does Education Do?p. 2
Why Public Education?p. 4
The Scope of the Bookp. 9
Historical and Institutional Perspectivesp. 11
Historical Evolution of Public Educationp. 11
The Role of the Public Sector in Modern Educationp. 17
Four Education Systemsp. 21
Conclusionsp. 27
Education, Growth, and Distribution: Empirical Evidencep. 29
Investing in Educationp. 31
The Contribution of Human Capital to Growthp. 35
Education and Income Distributionp. 40
Conclusionsp. 43
Political Determination of Education Spendingp. 45
A Basic Model of Private Educationp. 46
Public Schoolingp. 47
Empirical Evidence on Income and Substitution Elasticitiesp. 50
Differences in Abilitiesp. 51
Comparing Public and Private Education in the Short Runp. 53
Education and Redistributionp. 55
Conclusionsp. 59
Voting Equilibriap. 59
A Stochastic Modelp. 61
Dynamic Models of Educationp. 63
A Dynamic Economyp. 64
Differences in Abilitiesp. 67
Income Dynamics under Public Schoolingp. 68
Public Education and Democracyp. 72
Conclusionsp. 74
Dynamics of the Income Distributionp. 74
Political Dynamicsp. 77
Central versus Local Education Financep. 79
Demand for Education Quality and Residential Segregationp. 80
Local and Central Education Fundingp. 83
Dynamic Implicationsp. 84
Mixed Modes of Education Financingp. 86
Conclusionsp. 94
Mixed Regimes of Public and Private Schoolingp. 95
A Basic Model of "Opting Out" of Public Educationp. 98
Religious Preferencesp. 102
Residential Mobility and School Choicep. 104
The Effect of School Vouchers on Enrollment and Spendingp. 107
Conclusionsp. 109
Education, Social Capital, and the Dynamics of Cohesionp. 111
Education and the Dynamics of Social Polarizationp. 113
Welfare Implications of Different Schooling Regimesp. 116
Public Education as a Melting Potp. 120
Policy Implicationsp. 124
Conclusionsp. 126
Directions for Future Researchp. 129
Notesp. 133
Referencesp. 147
Indexp. 163
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780262072564
ISBN-10: 0262072564
Series: CESifo Book Series
Audience: Professional
For Ages: 18+ years old
Format: Hardcover
Language: English
Number Of Pages: 176
Published: 22nd October 2004
Country of Publication: US
Dimensions (cm): 23.5 x 15.9  x 1.8
Weight (kg): 0.4