IBE316-16 - IBE 316 Economic Policy Stiglitz: Economics of...

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IBE 316 Economic Policy Stiglitz: Economics of the Public Sector Chapter 16: Education Keisuke OTSU Sophia University FLA Spring 2008 OTSU (Sophia University FLA) IBE 316 Spring 2008 1 / 18
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Review The government can redistribute income using welfare programs to achieve higher equity Poverty rate is increasing in US and Japan which gives need to income redistribution Welfare has negative e/ects on labor introduce ine¢ ciencies Categorical aid targets aid to whom it is most needed, but is unfair since it treats di/erent poor di/erently Increasing support for targeting the limited funds to those most needy overwhelmed the arguments against means-testing OTSU (Sophia University FLA) IBE 316 Spring 2008 2 ± 18
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Overview Focus Questions What are the reasons why government plays such a big role in education? What are the key problems with education in the U.S. and Japan today What are the major proposed solutions? What is the relationship between educational expenditures and outcomes? What are vouchers, and the arguments for and against them? What other initiatives are there for changing school governance? Why is there controversy over school standards? OTSU (Sophia University FLA) IBE 316 Spring 2008 3 / 18
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Overview Education improves human capital, which leads to productivity growth productivity growth slowed down after 1973 Education of the poor will reduce inequality more high skilled workers reduces the wage premium of skilled labor to unskilled labor OTSU (Sophia University FLA) IBE 316 Spring 2008 4 / 18
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Overview 2006 OECD Standardized test (15 years old) Science Reading Math 1 Finland Korea Taiwan 2 Hong Kong Finland Finland 3 Canada Hong Kong Hong Kong Japan (6) Japan (14) Japan (10) US (29) US (-) US (35) OTSU (Sophia University FLA) IBE 316 Spring 2008 5 / 18
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The Structure of Education in the US and Japan Education expenditure (relative to GDP) Japan: public 3.5% private 1.2%
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This note was uploaded on 10/22/2011 for the course ECON 316 taught by Professor Keisukeotsu during the Spring '08 term at Sophia University.

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IBE316-16 - IBE 316 Economic Policy Stiglitz: Economics of...

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