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Human Capital, Public Debt, and Economic Growth: A Political Economy Analysis

Tetsuo Ono and Yuki Uchida

No 16-01, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: This study considers public education policy and its impact on growth and wel- fare across generations. In particular, the study compares two fiscal perspectives| tax finance and debt finance|and shows that in a competitive equilibrium context, the growth and utility in the debt-finance case could be higher than those in the tax-finance case in the long run. However, the result is reversed when the policy is shaped by politics. Voters choose debt finance, despite its worse performance, in each period because a current generation can pass the cost of debt repayment to future generations.

Keywords: Economic growth; Human capital; Public debt; Political equilib- rium (search for similar items in EconPapers)
JEL-codes: D70 E24 H63 (search for similar items in EconPapers)
Pages: 48 pages
Date: 2016-01
New Economics Papers: this item is included in nep-dge, nep-fdg, nep-gro, nep-mac, nep-pbe and nep-pol
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Human capital, public debt, and economic growth: A political economy analysis (2018) Downloads
Working Paper: Human Capital, Public Debt, and Economic Growth: A Political Economy Analysis (2017)
Working Paper: Human Capital, Public Debt, and Economic Growth: A Political Economy Analysis (2017) Downloads
Working Paper: Human Capital, Public Debt, and Economic Growth: A Political Economy Analysis (2016)
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