Tackling Inequality by Richard Layard (auth.)
By Richard Layard (auth.)
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6 Only at a rate less than the lower of the two rates, do we get a ratio of present values that correctly measures V^V11. This argument suggests that, so long as interest rates and ability are independent, we should use low discount rates for 24 Education and Inequality YUC, V= V V= V ' 0 . 1 borrowers. In fact, of course, people of higher-than-average ability tend to come from relatively well favoured families and therefore will be using lower discount rates. But higher ability, defined as a higher marginal rate of return on a given amount of human capital (Becker, 1967) will, other things being equal, lead a man to choose a higher ratio of later to earlier earnings; this provides a second reason for using low discount rates to make real income comparisons.
To illustrate the distinction between these two possible effects of State insurance, we may suppose that, at birth, the income that we should predict for the /th individual from our knowledge of his and his family's characteristics (a vector Xt), together with some general knowledge of the world as it will be during his life, isfA(Xi). Multiplied with this is random term, Uf, with mean unity, which we may suppose independent of the person's characteristics. So Yf =fA(Xi)Uf and the inequality of income, as measured by the variance of log income, is, if log X and log U4 are independent, var [log YA] = var [logf(Z)] + var [log(^)] The left-hand expression measures inequality ex post, and the expression in the middle measures it ex ante.
But, since there will certainly be some in this category, such a policy will involve many transfers from poorer to richer, even though these are outweighed by transfers from richer to poorer. Though equalising, the policy will reduce inequality relatively little, compared with the use of the same tax receipts as income transfers. By the same token, expenditure on higher education would involve many transfers from richer to poorer and might not be as disequalising as one might suppose. Measuring the Redistribution of Lifetime Income 35 There is, however, one point that Jencks overlooks with regard to the incidence of educational expenditure on children.