The purpose of this paper is to examine the long-run relationship between public education expenditures and economic growth. The social benefits of education exceed its private benefits. Therefore, education is considered a merit good; if not supplied by the public sector, private production is...

Projected demographic changes in industrialized and developing countries vary in extent and timing but will reduce the share of the population in working age everywhere. Conventional wisdom suggests that this will increase capital intensity with falling rates of return to capital and increasing...