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Education Subsidies in an Aging Economy Mochida, Megumi 持田, めぐみ モチダ, メグミ open access Education subsidies Public education Uncertain lifetime OLG model We examine the impact of education subsidies on economic growth rates, considering the uncertainty surrounding individuals' lifetimes. We assume three educational inputs - parental private investment, education subsidies as a complement to parental investment, and public schooling - affect the accumulation of children's human capital. Our findings demonstrate that implementing education subsidies alongside public schooling can enhance growth rates within existing budget con- straints. This effect is especially pronounced in aging economies with a significant proportion of the population living into old age. This manuscript is a revised version of the prior working paper titled “The effect of education subsidies in an aging economy” (originally circulated as Discussion Papers In Economics and Business 05-30, Osaka University), which I wrote during my time as a graduate student at Osaka University. I am grateful to Koichi Futagami, Ryo Horii, Kazuo Mino, Akira Momota, Tetsuo Ono, and Akira Yakita for their valuable comments. All remaining errors are, of course, my own. 香川大学経済研究所 Institute of Economic Research, Kagawa University 2023-06-01 eng departmental bulletin paper VoR https://kagawa-u.repo.nii.ac.jp/records/2000002 https://hdl.handle.net/11094/13976 The effect of education subsidies in an aging economy AA11423475 0915-2288 The Institute of Economic Research working paper series 260 1 15 https://kagawa-u.repo.nii.ac.jp/record/2000002/files/AA11423475_260.pdf application/pdf 165 KB 2023-07-07