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By Checchi D.

ISBN-10: 0521793106

ISBN-13: 9780521793100

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In contrast, if debt default is an open possibility and access to international financial market is barred to workers, the financial intermediary bears a monitoring cost Z in order to minimise the probability of this event from the borrower. In a competitive financial sector, profits are driven to zero, and therefore the cost of fund collection (by assumption they are obtained on international financial markets) must equal their use. 11) 32 The Economics of Education where i is the lending interest rate and D is the amount of debt.

Human capital investment theory predicts that people will demand education up to the point where the marginal benefit is equal to the marginal cost. Marginal benefits depend on labour market conditions, on resources invested in education and on individual ability. Marginal costs depend on direct costs of schooling and, possibly, on individual ability. While, in principle, all individuals should demand the same amount of education, two factors contribute to differentiating educational attainment in the population.

Income redistribution from rich to poor raises average income (or wealth) in the economy, but does not constitute a Paretian improvement, since the rich do not obtain any direct benefit from this move. 45 Appendix: Human capital investment in a continuous-time model We present here a continuous-time version of the human capital investment model, drawing heavily on Ben-Porath (1967). 2 is that we obtain in a multiperiod context a closed solution for the optimal path of investment. The basic assumptions of the model are: (i) leisure does not enter the utility function; time can be devoted to either study or work; (ii) perfect financial markets, so consumption smoothing is feasible; and (iii) human capital has a constant rental rate β in the labour market, which ensures full employment.

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The economics of education by Checchi D.


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