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overlapping generationspublic educationfunding educationeducation financeinvestment governmentpolitical economyeconomy publicpublic fundingshare publicoptimal publictime consistentgrowth theorywelfare analysisgesetzliche rentenversicherungpublic pension systemallgemeines gleichgewichtgeneral equilibriumpublic investmentprevious workinvestment gdpconstant timegnp allocatedÖffentliche investitionoptimales wachstumoptimal growthtime consistencyneue politische Ökonomiepublic choiceself interestpay as you gogovernment commitmentoptimal policytax ratelong runeducation policypublicly fundedfunded educationrational forwardforward lookingshare gnpincome taxhuman capital investmentcommitment welfarewelfare impactimpact banban childchild laborborrowing constraintsconstraints parentalparental altruismaltruism welfaresocial securityaltruism selfself politicaleducation publiceducation socialanalyze problemproblem optimalgovernment purchasespurchases productiveproductive capitalcapital assetsassets financedfinanced incomeincome taxestaxes virtuallyvirtually previouswork literatureliterature prescribedprescribed sharegdp constantconsistent paperpaper showsshows straightforwardstraightforward prescriptionprescription derivesderives specificspecific assumptionsrelating preferencestypically choosealternatively sharetax capitalconsumption higherfuture policyrun finally
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