wow-inequalities/02-data/intermediate/wos_sample/77985c341e272904a31a9d32aad6445f-goswami-sriparna-an/info.yaml

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abstract: '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?'
affiliation: 'Chakraborty, B (Corresponding Author), Jadavpur Univ, Dept Econ, Kolkata,
India.
Goswami, Sriparna, Iowa State Univ, Dept Econ, Ames, IA 50011 USA.
Chakraborty, Bidisha, Jadavpur Univ, Dept Econ, Kolkata, India.'
author: Goswami, Sriparna and Chakraborty, Bidisha
author-email: 'sriparnagoswami@gmail.com
bidisha.chakraborty@gmail.com'
author_list:
- family: Goswami
given: Sriparna
- family: Chakraborty
given: Bidisha
da: '2023-09-28'
doi: 10.1108/IGDR-02-2020-0025
earlyaccessdate: AUG 2021
eissn: 1753-8262
files: []
issn: 1753-8254
journal: INDIAN GROWTH AND DEVELOPMENT REVIEW
keywords: 'Growth; Public choice; Human capital; Public education; Private
education; O15; I25; H31; J24'
keywords-plus: 'HUMAN-CAPITAL ACCUMULATION; OCCUPATIONAL CHOICE; ENDOGENOUS GROWTH;
POLICY; INCOME; INEQUALITY'
language: English
month: OCT 5
number: '3'
number-of-cited-references: '41'
pages: 350-372
papis_id: 87596566f115a382455b7a5f3ca1f94f
ref: Goswami2021wealthdistribution
times-cited: '0'
title: Wealth distribution and skills generation under public and private education
systems
2023-10-01 08:15:07 +00:00
type: article
2023-09-28 14:46:10 +00:00
unique-id: WOS:000685279900001
usage-count-last-180-days: '1'
usage-count-since-2013: '9'
volume: '14'
web-of-science-categories: Development Studies
year: '2021'