system resources. The model is rich, yet sufficiently stylized to provide novel implications. We can show, for example, that … through school resources. In this way we provide a rationale for the ambiguous existing empirical evidence on the effect of … school resources. We also provide a novel microfoundation for peer effects, with empirical implications on welfare and on …

can speak the same language. The value of trade increases in each participant's level of education. We compare a bilingual … education system, under which the individuals who take education become bilingual, with a unilingual system, under which the … optimal when education levels are centralized. In the decentralized equilibrium, individuals (i) vote over education systems …

data mostly contradict the traditional view that education was a leading source of the seismic social phenomenon of … fixed effects account for time-invariant unobserved heterogeneity, education – but not income or urbanization – is …

, education and labor market success. We conclude that there do not appear to be serious harmful health effects of moderate …

’s future income proportionally at all levels of education, leaving the relative return between quality and quantity unaffected …. This result is consistent with historical evidence that longevity began to increase long before education did. Our theory … also casts doubts on recent findings about a positive effect of health on education. This is because health raises the …