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Oxford Economic Papers Advance Access published online on August 20, 2004
Oxford Economic Papers, doi:10.1093/oep/gpf067
Copyright © 2004 Oxford University Press.
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Original Papers

Education choice, neoclassical growth, and class structure

Buly A. Cardak 1

1 Department of Economics and Finance, La Trobe University, Bundoora 3086, Victoria, Australia


  Abstract

The evolution of income distribution is studied in a dynamic model of education choice where both public and private education are available. Public education is financed using a tax rate determined by majority voting. The analysis focuses on neoclassical growth in order to ensure tractability in identifying a steady state. Possible voting equilibria in the steady state are characterized, with steady state income distribution found to be bimodal. Public education offers higher growth to the poor in the transition to the steady state, however public education students converge to the lower mode of the income distribution. Under some conditions, universal public education offers steady state human capital superior to that available to any student in the mixed education model considered, while universal private education unconditionally offers steady state human capital superior to that of the mixed education model.


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