This is a theoretical study of human-capital accumulation, where parental, as well as public investments are essential. Policy influence rich and poor parents differently when they make educational decisions. Rich parents allocate resources efficiently between physical bequests and educational...

Although theoretically contentious, most empirical studies contend that electoral-political factors structure the welfare state. In practice, most studies concentrate on ‘government partisanship’, that is the ideological character of the government. We agree that politics matters but also...