This paper opens a new perspective from which one can explain the presence of government intervention in education even in the absence of human capital externality. It argues that consumption externalities can provide rationale for government intervention in education. Within the context of overlapping generations economy, it has also been shown that competitive equilibrium either underaccumula...

Economists viewed the world through the eyes of Pigou (1920). Professor A. C. Pigou had argued that in the face of an externality, such as pollution, the appropriate remedy involved imposing a per-unit tax on the emissions from a polluting activity. The tax rate would be set equal to the marginal external social damage caused by the last unit of pollution at the efficient allocation. Faced with...

Unlike its American counterpart, the Chinese financial industry has been challenged by tech giants through their digital platforms. As entrance of asset management industry, fund sales is at center revolution, with commercial banks and fighting for control. Some scholars have discussed competition, but none them competition comparing common features as Moreover, in a two-sided multihoming marke...