Purpose

This paper aims to understand the differing impacts of wealth distribution on human capital accumulation and skilled-unskilled labour generation under three educational paradigms as follows: private, public and a system of mixed education.

Design/methodology/approach

The authors use an overlapping generations model.

Findings

The wealth dynamics show that both in the private education system and public education system, there are two possible outcomes- stagnation and steady growth depending on the efficiency of the education system, skill premium and other parameters. The choice of the education system through voting is discussed. It is found that skilled workers would always vote for private education whilst unskilled workers vote for private education if public education expenditure of the economy is low.

Research limitations/implications

The study is subject to several limitations. This paper considers the rate of interest and wage rate to be exogenously given, and thus ignores the general equilibrium effects. The authors do not consider the labour-leisure choice. The introduction of labour leisure choice in the model would alter many of the results. The authors do not consider heterogeneous ability across individuals. The analysis of the differential efficiency of the different education systems needs further, rigorous research. Also, this paper does not consider other occupations such as entrepreneurship and self-employment. This paper considers the labour demand function to be perfectly elastic, and hence, does not consider any demand constraint. What happens if bequests are taxed? What happens if parents are not altruistic? These questions may be addressed in future research.

Social implications

If the proportion of tax paying skilled labour is low in any country, pure public education may not be able to generate sustained human capital growth. For countries with a sufficiently large proportion of skilled labour, the public education system would be successful. On the other hand, if skill premium is low or the education system is poorly managed private education system may fail too.

Originality/value

Whilst investigating the effects of public vs private education on growth and development in the presence of unequal wealth distribution, The authors have tried to address a few questions. First, why the public education system has been successful in skill accumulation in developed countries whilst it has failed to do so in less developed countries? Second, why do some countries with mostly privately run educational institutions perform much better in human capital production whilst others do not? Third, in an economy with unequal wealth distribution, what are the factors that result in public or private education as a voting equilibrium outcome?

中文翻译：

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公立和私立教育体系下的财富分配和技能培养

目的

本文旨在了解在以下三种教育范式下财富分配对人力资本积累和熟练-非熟练劳动力产生的不同影响：私立、公立和混合教育制度。

设计/方法/方法

作者使用重叠世代模型。

发现

财富动态显示，无论是私立教育体系还是公立教育体系，都有两种可能的结果——停滞和稳定增长，这取决于教育体系的效率、技能溢价等参数。讨论了通过投票选择教育制度。研究发现，如果经济的公共教育支出较低，技术工人总是会投票支持私立教育，而非技术工人会投票支持私立教育。

研究限制/影响

该研究受到若干限制。本文认为利率和工资率是外生给定的，因此忽略了一般均衡效应。作者不考虑劳逸结合的选择。在模型中引入劳动休闲选择会改变许多结果。作者没有考虑跨个体的异质能力。对不同教育系统的不同效率的分析需要进一步、严谨的研究。此外，本文不考虑其他职业，如创业和自雇。本文认为劳动力需求函数是完全弹性的，因此不考虑任何需求约束。如果遗产被征税会怎样？如果父母不利他会怎样？这些问题可能会在未来的研究中得到解决。

社会影响

如果任何国家的纳税熟练劳动力比例低，纯公共教育可能无法产生持续的人力资本增长。对于拥有足够大比例熟练劳动力的国家来说，公共教育系统将是成功的。另一方面，如果技能溢价低或教育系统管理不善，私立教育系统也可能失败。

原创性/价值

在调查财富分配不平等的情况下公立教育与私立教育对增长和发展的影响时，作者试图解决几个问题。第一，为什么公共教育体系在发达国家的技能积累上是成功的，而在欠发达国家却没有成功？其次，为什么有些国家主要是私立教育机构在人力资本生产方面表现更好，而另一些国家则不然？第三，在财富分配不均的经济体中，导致公立或私立教育作为投票均衡结果的因素是什么？