A theoretical investigation on the effects of education systems and financial market imperfections on the growth and income inequalities.

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It has been pointed out that both economic growth and income inequalities are higher under private education in which the education is done in private schools, than under public education, in which the education is supplied by the government-supporting public schools. In contrast, we showed that high growth and low inequalities can be achieved under public education, taking the effect into account that education increases not only the human capital of the students directly but that of the other people indirectly via the increased human capital of the students. The relevant economic policies are also derived to enhance human capital, evaluating the indirect effects of education.