unemployment rates. It may be the case that this locus is steep enough to generate increasing returns to education. This may lead … to multiple equilibria: a high-education equilibrium may coexist with a low-education equilibrium. In the former, the … Pareto-ranked, but the latter is preferred to the former by workers, while `savers' prefer the high-education equilibrium. …

education. Public education is favourable for growth because it increases the level of human capital and at the same time it … more political support for education; increased political rights are good for growth and also imply a more equal income …