By Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)
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Extra resources for Advances in economics and econometrics, vol. 2
To see why this is so, consider what may happen if we start out with a low level of β. In this case, low-type families (and perhaps middle types as well) will be relatively constrained because unskilled wages are low. Thus, this will tend to perpetuate a situation in which β is low next period as well, and thus a steady state with a low proportion of unskilled wages (and high inequality). If, in contrast, the economy started out with a high level of β, unskilled wages would be high 56 If a family of type j with n children is not constrained, we simply indicate this by z n j = n.
58 57 58 Recall that we are assuming that constraints are unaffected by the change in sorting. The opposite signs on the two expressions create a sufﬁcient condition for increased sorting to increase β. 2. 401 This discussion assumed that the j s remained invariant to the change in sorting. 60 Thus, whether the expression is concave or convex may itself depend on β. S. data. They use the Panel Study of Income Dynamics (PSID) to obtain a sample of parents and children and group all individuals with high school and below into the unskilled category and everyone who has had at least some college into the skilled one.
This is a purely theoretical analysis that contrasts the short-run versus long-run consequences of a local system compared with a state system in which the main trade-off is between human capital being complementary in production at the economywide level but parental human capital and spending on education being complementary at the local level. The simplest contrast between the dynamic consequences of these two extreme forms of education ﬁnance – local versus state – can be examined in the familiar Tiebout model of perfect sorting in which income is the only source of heterogeneity among individuals.
Advances in economics and econometrics, vol. 2 by Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)