caa a22 4500 397544715 CHVBK 20180308164736.0 cr unu---uuuuu 161202e199604 xx s 000 0 eng 10.2307/2297851 doi (NATIONALLICENCE)oxford-10.2307/2297851 Bénabou Roland New York University Equity and Efficiency in Human Capital Investment: The Local Connection [Elektronische Daten] [Roland Bénabou] A general model of community formation and human capital accumulation with social spillovers and decentralized school funding is used to analyse the causes of economic segregation and its consequences for equity and efficiency. Significant polarization arises from minor differences in endowments, preferences or access to capital markets. This makes income inequality more persistent across generations, but the same need not be true for wealth. Equilibrium stratification tends to be excessive, resulting in low aggregate surplus. Whether state equalization of school resources can remedy these problems hinges on how purchased, social and family inputs interact in education and in mobility decisions. © 1996 The Review of Economic Studies Limited The Review of Economic Studies Wiley-Blackwell 63/2(1996-04), 237-264 0034-6527 63:2<237 1996 63 restud https://doi.org/10.2307/2297851 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2297851 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Bénabou Roland New York University NATIONALLICENCE 773 0- The Review of Economic Studies Wiley-Blackwell 63/2(1996-04), 237-264 0034-6527 63:2<237 1996 63 restud Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford