Education arms race, fertility rate and education inflation

Weiguang Liu ()
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Weiguang Liu: Nagoya University

Economics Bulletin, 2019, vol. 39, issue 2, 937-946

Abstract: There are many reasons behind the education inflation. I tried to explain it in two aspects. First, every individual family has an incentive to occupy a higher status in the education hierarchy for honor, which means there is a zero-sum education arms race game. Second, the low fertility rate intensifies the education arms race because it deprives parents of other options. The extreme case is China's one-child policy. I built a behavioral economic model based on Veblen's basic thoughts to explained how these two factors intertwine with each other and contribute to education inflation.

Keywords: education arms race; fertility rate; education inflation (search for similar items in EconPapers)
JEL-codes: D1 I2 (search for similar items in EconPapers)
Date: 2019-04-25
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Citations: View citations in EconPapers (1)

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