On the Relationship between Human Resource Allocation and Macroeconomic Productivity : An Educational Economic Approach

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Developing a dynamic macroeconomic model with misallocation of human capital across firms, I study the optimal education system that maximizes the long-run level of GDP with special focus on the role of higher education as a selection device. I find that the optimal degree of selectivity of higher education is given by an interior solution and that optimal selectivity depends on the degree of distortion of the relative prices of outputs.