Frankly Signaling
27th May 2014
Bryan Caplan is always worth reading.
Within economics, the idea that education has a larger effect on income than productivity is vaguely right-wing. Why? Because economists realize that this premise undermines the textbook efficiency case for governments’ massive education subsidies.
Outside economics, however, the idea that education has a larger effect on income than productivity is vaguely left-wing. Why? Because non-economists realize that this premise undermines the legitimacy of the status quo – which they think of as “capitalism.”