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This paper aims to understand the differing impacts of wealth distribution on human capital accumulation and skilled-unskilled labour generation under three educational paradigms as follows: private, public and a system of mixed education.

The authors use an overlapping generations model.

The wealth dynamics show that both in the private education system and public education system, there are two possible outcomes- stagnation and steady growth depending on the efficiency of the education system, skill premium and other parameters. The choice of the education system through voting is discussed. It is found that skilled workers would always vote for private education whilst unskilled workers vote for private education if public education expenditure of the economy is low.

The study is subject to several limitations. This paper considers the rate of interest and wage rate to be exogenously given, and thus ignores the general equilibrium effects. The authors do not consider the labour-leisure choice. The introduction of labour leisure choice in the model would alter many of the results. The authors do not consider heterogeneous ability across individuals. The analysis of the differential efficiency of the different education systems needs further, rigorous research. Also, this paper does not consider other occupations such as entrepreneurship and self-employment. This paper considers the labour demand function to be perfectly elastic, and hence, does not consider any demand constraint. What happens if bequests are taxed? What happens if parents are not altruistic? These questions may be addressed in future research.

If the proportion of tax paying skilled labour is low in any country, pure public education may not be able to generate sustained human capital growth. For countries with a sufficiently large proportion of skilled labour, the public education system would be successful. On the other hand, if skill premium is low or the education system is poorly managed private education system may fail too.

Whilst investigating the effects of public vs private education on growth and development in the presence of unequal wealth distribution, The authors have tried to address a few questions. First, why the public education system has been successful in skill accumulation in developed countries whilst it has failed to do so in less developed countries? Second, why do some countries with mostly privately run educational institutions perform much better in human capital production whilst others do not? Third, in an economy with unequal wealth distribution, what are the factors that result in public or private education as a voting equilibrium outcome?

It is well known that taxes on the transfer of wealth typically raise very little revenue. However, this does not mean that they are ineffective as tools for redistribution. In this chapter, we show how important such taxes can be in the long-run distribution of wealth, reducing equilibrium inequality (the “predistribution” effect) by a much larger amount than what is apparent in terms of the immediate impact of the tax (the “redistribution” effect).

There is currently a major debate about the future of pension provision in Britain. Much of that debate concerns levels and sources of income. But there is also growing interest in the role that assets and bequests might play in raising people's living standards in later life. Based on a major new survey of attitudes to inheritance and assets, this article argues that assets will not fill the pensions gap for those on the lowest incomes as these groups are least likely to have assets and among those that do, there is more support for the concept of preserving assets for inheritance than among more affluent groups. Bequests will also fail to help those most in need of a windfall as receipt of inheritances currently benefits the most affluent groups. However, among those with assets, there does seem to be more interest in liquidating assets, including housing assets, than previous research has suggested. Some people, therefore, are prepared to liquidate their assets in later life to supplement their income.

The aim of this paper is to examine the inter-generational transfer by not only looking at the monetary transfer as discussed by many economists and sociologists but also by advancing the conceptual discussion and illustrating it with some examples of empirical comparison.

This paper provides recent theoretical and empirical work on inter-generational transfer from the viewpoint of different systems and compares it to the Islamic view of inheritance.

One finding of this paper is that the Islamic inheritance system is a socially and economically more comprehensive and broad framework than inter-generational transfers from another system.

This paper is considered as an original approach to the framework of the Quranic basic source and Islamic literature regarding inter-generational transfer compared to another system.

The purpose of this paper is to establish a theoretical foundation for seemingly contradictory empirical findings about child labor and the families and the children's well‐being.

The systemic yoyo model is employed as justification and road map for exploring some issues related to child labor and its efficiency.

Among many interesting results obtained in this paper, it is particularly shown that: first, as long as children's disutility or utility of labor or formal schooling are concerned, the laissez faire triple of child labor, formal schooling, and level of maturity, which maximizes the parents' utility function, can never be efficient; second, if the efficiency of parent's chosen (for their children) levels of child labor, formal schooling, and level of maturity, is determined by the impact on the children's lifetime earnings potential, then the laissez faire triple of child labor, formal schooling, and level of maturity, is efficient, either if the parents' savings and bequests are interior when the capital markets are imperfect, or if the parents' bequests are interior and the capital markets are perfect. Third, if a government regulation is introduced to impose a marginal ban on child labor, then such a ban could be either welfare reducing for both the child and the parents or a Pareto improvement for both the child and the parents, under different sets of specific conditions.

To take advantage of the methods and results of calculus, the assumption of continuity and differentiability is implied. So, all the findings of this work are limited by these conditions.

It is shown that by using systems analysis, seemingly contradictory empirical findings regarding the efficiency of child labor can be explained by using a unified theory.

This paper aims to integrate Islamic and mainstream economics framework towards a more realistic understanding of Muslim consumption behaviour.

The model incorporates some of the Islamic institutions like period-wise deduction of Zakat from endowments. It also includes bequests which could be significant given the Islamic injunctions on inheritance distribution and the significance placed on the institution of family. Furthermore, the model integrates the assumption that consumption opportunity set will axiomatically filter out the prohibited consumption goods from the consumption set in both contemporaneous and inter-temporal consumption.

Zakat ensures contemporaneous redistribution from endowment surplus households (those having Zakatable endowments above Nisab) to endowment-deficient households (those having Zakatable endowments below Nisab). The lifetime resources are scaled down for endowment surplus households because of the payment of Zakat in both periods and leaving bequests in old-age period, while the lifetime resources are scaled up for endowment deficient households because of the receipt of Zakat in both periods and receiving the bequests in youth.

The authors show how some of the Islamic principles and institutions can be integrated in the mainstream economics framework, especially in research studies where the objective is to understand and describe reality rather than persuasion and idealization.

This research develops a dynamic theoretical framework to study the interaction between migrants' remittances and entrepreneurship, together with the effect of these phenomena on inequality and income distribution.

It is based on an overlapping generations model in which inequalities are explained by a combination of capital market imperfections and fixed costs of investment. Together, these features give rise to credit rationing such that some members of the population are denied opportunities that would otherwise make them better off. Within this framework, the author studies the implications of remittances associated with child migration.

The author considers two alternative scenarios which differ according to who receives remittances – parents or siblings. The author found that when migrant children send remittances to their parents, such transfer would result in higher bequests though not necessarily initiate entrepreneurial activities and a reduction in the extent of inequality. On the other hand, when migrant children send remittances to their siblings, such transfer would not only result in greater bequests, but also it reduces the critical level of wealth needed to get access to capital market, implying that remittance flow generates investment opportunity to even poorer members of the society.

To enhance the income equalising effect of remittances, the government might consider providing extended support to households who are sending (relatively) younger members of the family abroad to earn higher wages.

Studying how dynamic effects of remittances depend critically on the heterogeneity of recipients offers a further perspective that has not been explored before.

The purpose of this article is to consider librarians as donors.

Opinion; literature review.

Librarians are likely to remember charities with wills or other financial bequests.

A collection of stories about librarians as donors might be marketable. Look into library development success when partnering with professional financial advisors.

Be nice to retired librarians and market your library’s giving opportunities to financial advisors.

The author found no evidence of employment or occupation as a donor characteristic; this might be worth exploring either as research or profiteering.