The Great Impact African American Women On Society

We all know the big impact African American women had on society. We constantly hear about Harriet Tubman, the conductor, or Rosa Parks, the stubborn, leader. But there are many women we don’t hear about, including Ella Baker, Michelle Obama, Tyra Banks, Diana Nash, Daisy Bates, Madam Walker, Oprah Winfrey, and many more. All these women had a big impact on society, and helped during times like the civil rights movement, racism back in the 1800’s, and in some political aspects too. They helped shape America as a whole, and lead very powerful groups that had a strong effect on American lives. Although they don’t get much praise for their accomplishments, the United States would be slightly different without their contributions. Rosa Parks is known for her pride, stubbornness, and her refusal to give up her seat to a white male. In the early 1900’s, African Americans were treated different than other races. Like trash. They had to serve the â€Å"white man† and live their lives completing actions in the Caucasians liking, and dealing with extreme racism. At the time of this incident, many African Americans were searching for the same freedom, respect, and fairness that the whites received. Rosa Parks gave many blacks the sense of pride they were looking for. On December 1st, 1955 the section of seats for the whites’ on the bus were filled. Rosa Parks sat in the row behind the white section with 3 other African American individuals. Many have the misconception that she wasShow MoreRelatedPost World War II: Effects and Changes in America1524 Words   |  6 Pagesalso set impact on the behaviours. WWII played a major role in building turning points during different periods. Before WWII, Af rican Americans were not offered equal rights in the community. It was considered an impossible thing that African could ever do a white collar or even a blue collar job. However, soon after the WWII, there came a turning point in the lives of African American with the Civil Rights Act in 1964. Civil Rights Act 1964 Turning Point in the Lives of African American The AfricanRead MoreThe War On The Home Front1112 Words   |  5 Pageswhich had great influence on the home front. Those two events were WWII and the Cold War. Civil rights, the cultural norms, and society at large, had changed greatly during a short amount of time due to these events. The United States was fight a war on two fronts, both at home and overseas. The wars overseas had great influence and impact on the successes that would come over time on the home front. Without these wars and times of trials and tribulations, the civil rights movement and society as a wholeRead MoreAfrican-American Studies Has Been Set In Place To Broaden1347 Words   |  6 Pages African-American studies has been set in place to broaden an individual s knowledge based on the history, literature, politics, and the lifestyle of Black Americans. Course 271 has helped me realize what African-American Studies is as an interdisciplinary field. It is not just a discipline, it is so much more. African-American studies is a way to learn about individuals outside Black History Month. African-American studies provides a way to deepen an individual’s understanding from the diasporaRead MoreThe Contribution Of The Civil Rights Movement1226 Words   |  5 Pageshonored for their leadership, impact, legacy, achievements and hospitality. At Columbus State University, there are multiple people that should be considered for an honor. Mary Blackmon started women’s athletics at CSU. Frank Brown , former president at CSU, transformed CSU from a commuter college into the massive university it is today. Thomas Whitley was the founding president at CSU. Carson McCulle rs was a well-known author in Columbus. All these people did something great for CSU. However, I believeRead MoreThe Revolutionary War Of Independence1366 Words   |  6 PagesThe American Revolution which began as a War of Independence for American quickly transformed into a civil battle between the American patriots and loyalists joined by Indian forces. This war of independence, irrefutably, had a great effect on the citizens of America in varying degrees. The revolution, of course, gave a free rein to unforeseen political revolutions which often spark social revolutions. However, the American Revolution has foreseen the beginning of an abolitionist movement for AfricanRead MoreThe Cover Of A History Of Islam975 Words   |  4 Pagesspent most of the book from chapter 1-6, discussing the enslavement of African Muslim to the New World and how they had to assimilate to a new society that was forming. So, I’m shocked that from the readings, which mainly discussed African Mu slims, and Middle-Eastern Muslim, that there is no depictions on the cover of any person of color. When I think of American history, I mainly focus on the disparities of African Americans faced, slavery, war, and democracy. In class, we talked about how IslamRead MoreNon Fictional Characters From The Movie The Great Debaters 1316 Words   |  6 PagesThere were many reasons and examples for the non-fictional characters from the movie, â€Å"The Great Debaters; however, civil disobedience can be cited and resonant with any society. First, describe a feeling of struggle and wanted to belong or presence from the beginning. How should a person connect and understand the continued era for all generation. For Instance, could anyone be shamed or turn down by a certain racial group at the same time. America has felt the urge to teach young children and adultsRead MoreThe Hip Hop Generation And Its Impact On Society1371 Words   |  6 PagesEssay 6 December 2015 The Hip Hop Generation and its Impact on Society. Throughout history, Hip Hop has manifest into more than a simple form of life, but as a powerful cultural movement. Hip Hop plays a major part in African American culture, dialogue, fashion, and self expression. Today, Hip Hop has a joined people of many nationalities, races, and ethnicities as a society. The Hip Hop Generation has begun to redefine African American cultural norms and practices in America by the changingRead MoreChesapeake Life in the 17th Century1363 Words   |  6 Pagesseventeenth century were that most of the population of early Chesapeake was killed because of diseases like malaria, dysentery, and typhoid. These diseases cut 10 years from the life expectancy of new settlers from England. Another characteristic is that women were severely outnumbered by men; therefore, it was hard for these settlers to populate the land they immigrated to. 2. What was indentured servitude? How did it work in the Chesapeake? Indentured servitude was a process where an indentured servantRead MoreInfluence of the Harlem Renaissance on Society Essay1114 Words   |  5 PagesRenaissance in Society A group of people who had at one point held no power and position in society were now thriving in the nation, as they spread their culture and ideas. It was the start of an era known as the Harlem Renaissance. This was a more than a literary movement, it was a cultural movement based on pride in the Africa-American life. They were demanded civil and political rights (Stewart). The Harlem Renaissance changed the way African Americans were viewed by society. It, â€Å"changes the

Financial Modelling Example

Essays on Financial Modelling Assignment FINANCIAL MODELING and Question One In the list of portfolios, there is a portfolio that works outall the others in terms of delivery at the end of the project. Let’s take for example; the portfolio A, which has the expected return of 25% and a standard deviation of 84%, will get a big blow due to the high deviation rate from its competitor portfolios. Due to the high range of return the margin can be reduced to lower rates that would not be a big blow to the organization. Portfolio F can do well if all the conditions in the organization are kept constant. Risk is a component used in the business environment to give the entrepreneurs an inner energy to perform by taking risks from what they hope can give some recognized profit. It is concerned with making decisions involving the business future. When a risk is made the expected return may either be positive or negative. Therefore when we base our argument on the fact of risk we base it in a manner that we expect results based on probability that the results might be good or bad. Hence the expectations are the returns that arise through the process of taking risks. Risk in all fields of business is expected because it might lead to growth of the organization or lead to attainment of high profit margins leading to increased revenue allocation in the organization. Question two The portfolio F seems to have low combined risks that will lead to high returns. With minimized risks in an organization the organization can give high and very excellent results that will lead to major development in an organization. This will enhance improved infrastructure in the organization which will lead to diversification in the organization. An organization that will have very low risks can have high profits and can be able to maneuver through the business world that is very competitive. Risks can be minimized through diversification of the organization goals. Production of many and diverse products will increase the market share of the organization and the customers in the organization become more leading to increment of profits in the organization. Customers are also diversified by the organization through the introduction of more goods that will be made available under the same roof. Ana organization that offers many different types of goods and services makes more profit than an organization that markets only one type of goods. More customers are prevalent in organization where they can get more goods under the same roof than getting goods from different areas. This helps them save time and gives the organization more fame increasing the profit margins of the organization. portfolio Expected return Standard deviation Correlation matrix F 12 % 31% 0.30 1.00 A 25 % 84% 1 Introduction of Risk-Free Aversion Death star is introduced to the market an asset that is risk free. This has a tax rate of 10 % and every part of it is cheap and its warranty time is 15 (fifteen) years. This asset will give a profit margin that is very high of about $450,000 within a year when purchased to come into the portfolio and its job is to clear away enemies associated with technology. This will be sold at the age if 7 (seven) years at the value of $450,000 when it has performed all its services to the clients. This will be a very effective asset to have in an organization because it has no expenses and it will give some amount in terms of profit at the end of its time and it will help boost the economy of the organization. It also motivates the workers in the organization giving them the morale to pursue their daily chores in the organization leading to the improvement in the organization revenue allocation (Christy 2013). When risks of working are lessened the organization is not prevalent to undergo any loss hence this motivates the organization management to give more tries and venture in other businesses which leads to more diversification in the organization (Teall 2013). Introduction of Risk Aversion Factor Old model technology instruments are very similar in the risk aversion factors. No customer can go for old model machines while there are new and efficient machines which have replaced the outdated machine of the nineteenth century. One will always prefer the new machines in any work that is undertaken that deals with technology (Madura 2005). When stocking any roof in any organization one should go for the quality items that are in the market and that please the customer for the stock not to stay but finish due to the high demand. The old outdated technological instruments stocked in any market under display do not attract customers but chases them leading to poor sales in the organization (Lumby and Jones 2007). This will leave the organization optimal complete portfolio as low as possible leading to poor performance in the organization. This will lead to collapse of the organization leading to lack of motivation of the shareholders hence the organizational goals and plans will not be met. This will lead to lack of jobs to the employees of the organization and a total loss to the shareholders of the organization. The complete portfolio is the organizations working cash that when not reached successfully will lead to poor administration hence poor and very unfruitful plans (Schmidt 2006). Conclusion In any of the organizations there should be good plans and on the plans there should be options of risk and diversification. The diversification process improves many organizations by increasing the profit margins of the organization. This leads to growth and expansion of the organization that makes the workers in the organization to get motivated and fulfill their organizational chores in a better and elaborate manner. Risk taking in any organization is very important in such a manner that it can bring results that can uplift the organization or make the organization collapse. If the risk taken is positive the organization will improve in terms of profit margins leading to growth and expansion of the organization. Bibliography David A. Schmidt D.S. 2006. Analyzing Political Risk. Business horizons, Chicago. Jeff Madura J.M 2005. Financial Markets and Institutions. Thomson South-Western, California, USA. John Christy J.S 2013. Understanding and Managing Political Risk. http://internationalinvest.about.com/od/globalmarkets101/a/countryresearch.htm John Teall J.T 2013. Financial Trading and Investing. Academic Press, Elsevier, USA. Medium-term note 2013. Retrieved from http://www.investorwords.com/12206/medium_term_note.html Stephen Lumby S.L and Chris M. Jones C.J 2007. Corporate Finance: Theory and Practice, Seventh edition. Thomson learning, London.

Dinosaurs Essay Example For Students

Dinosaurs Essay DinosaursDinosaur is the name of large extinct reptiles of the Mesozoic Era,during which they were the dominant land animals on Earth. The term wasproposed as a formal zoologic name in 1842 by the British anatomist Sir RichardOwen, in reference to large fossil bones unearthed in southern England. Thevarious kinds of dinosaurs are classified in two formal categories, the ordersSaurischia and Ornithischia, within the subclass Archosauria. The first recorded dinosaur remains found consisted of a few teeth andbones. They were discovered in 1882 in Sussex, England, by an English doctor,Gideon Mantell, who named them iguanodon. About the same time, other fossilteeth and bones were found near Oxford, England, by Rev. William Buckland. These were named Megalosaurus. Thousands of specimens have since beendiscovered nearly worldwide. Different types of dinosaurs varied greatly in form and size, and theywere adapted for diverse habitats. Their means of survival can only beidentified from their fossil remains, and some identifications are in dispute. They ranged in weight from 4 to 6 lb., in the case of the compsognathus, and upto 160,000 lb., in the case of the brachiosaurus. Most dinosaurs were large,weighing more than 1,100 lb., and few weighed less than 100 lb. Most wereherbivores, but some saurischians were carnivorous. The majority were four-footed but some ornithischians and all carnivores walked on their hind legs. Always classified as reptiles, dinosaurs have traditionally been assumedto have been reptilian in their physiology, cold-blooded, and ectothermic. Inrecent years several different lines of evidence have been interpreted asindicating that dinosaurs may have had warm blood and high rates of metabolism,comparable to birds and mammals. Evidence supporting this view includes uprightposture and carriage; mammallike microscopical structure of bones; skeletalfeatures suggestive of high activity; and specialized food-processing dentitionsand low ratios of dinosaurian predators to prey animals, both suggesting highfood requirements. The evidence is not conclusiveall the facts can bealternatively explainedbut some dinosaurs may have been endothermic. The reproductive means of most dinosaurs is as yet unknown. Fossil eggs,attributed to one of the horned dinosaurs and a sauropod, have been discoveredin Mongolia and France. Fragments that are presumed to be of dinosaur eggs havealso been found in Brazil, Portugal, Tanzania, and in the United States,Colorado, Montana, and Utah. In Montana, Utah, and Alberta, Canada, fossils ofunhatched dinosaur eggs have been discovered. This evidence indicates egg-laying reproduction in dinosaurs, like most modern reptiles. A few scientistsbelieve that some dinosaurs may have given birth to living young, but noconclusive evidence has yet been found to support this. The two orders of dinosaurs are distinguished by numerous features, themost diagnostic being the arrangement of the three bones of the pelvious. Insaurischians, these bones were arranged in a triradiate pattern similar to thatof modern crocodilians and lizards; the term Saurischia means lizard hip. Theornithischian pelvis was usually rectangular or tetraradiate; hence the name,which means bird hip. During the 140-million-year reign of the dinosaurs, many new varietiesevolved and older kinds died out. Not all kinds became extinct at once; butthe last of the dinosaurs disappeared at the end of the Cretaceous. Many otheranimal kinds died out at about the same time, including the ichthyosaur,mosasour, plesiosaur, flying reptile, and a variety of lower organisms. Whatbrought about such widespread extinction among so many different kinds oforganisms is not known; it must, however, have involved major changes in theenvironment. Their extinction has been attributed to many causes, includingcosmic radiation, exploding supernova, world-wide fluctuations in sea level,acid rain caused by volcanic activity, climatic change, and continental drift. .u3b4a1b9c36fe0487646e4541ed9f9beb , .u3b4a1b9c36fe0487646e4541ed9f9beb .postImageUrl , .u3b4a1b9c36fe0487646e4541ed9f9beb .centered-text-area { min-height: 80px; position: relative; } .u3b4a1b9c36fe0487646e4541ed9f9beb , .u3b4a1b9c36fe0487646e4541ed9f9beb:hover , .u3b4a1b9c36fe0487646e4541ed9f9beb:visited , .u3b4a1b9c36fe0487646e4541ed9f9beb:active { border:0!important; } .u3b4a1b9c36fe0487646e4541ed9f9beb .clearfix:after { content: ""; display: table; clear: both; } .u3b4a1b9c36fe0487646e4541ed9f9beb { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u3b4a1b9c36fe0487646e4541ed9f9beb:active , .u3b4a1b9c36fe0487646e4541ed9f9beb:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u3b4a1b9c36fe0487646e4541ed9f9beb .centered-text-area { width: 100%; position: relative ; } .u3b4a1b9c36fe0487646e4541ed9f9beb .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u3b4a1b9c36fe0487646e4541ed9f9beb .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u3b4a1b9c36fe0487646e4541ed9f9beb .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u3b4a1b9c36fe0487646e4541ed9f9beb:hover .ctaButton { background-color: #34495E!important; } .u3b4a1b9c36fe0487646e4541ed9f9beb .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u3b4a1b9c36fe0487646e4541ed9f9beb .u3b4a1b9c36fe0487646e4541ed9f9beb-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u3b4a1b9c36fe0487646e4541ed9f9beb:after { content: ""; display: block; clear: both; } READ: Of Mice ; Men EssayIndependent evidence indicates that sea levels did fall and temperatures droppedat the end of the Mesozoic Era, a time when continents were drifting apart andnew mountain ranges were rising. Although none of these conditions is likely tohave been solely responsible for the extinction of the dinosaurs, collectivelythey may have been important. Whatever the cause, the dinosaurs are now gone. In a way, however, theymay remain. That is, many paleontologists consider birds almost certainly tohave evolved from some small bipedal dinosaur during the Jurassic. If so, thechildren of the dinosaurs still exist today. English

Mr. Ben Essay Example

Mr. Ben Essay Theoretical Economics Letters, 2012, 2, 109-113 doi:10. 4236/tel. 2012. 21020 Published Online February 2012 (http://www. SciRP. org/journal/tel) The Effects of Income Inequality on Education Policy and Economic Growth Katsuyuki Naito, Keigo Nishida Graduate School of Economics, Kyoto University, Kyoto, Japan Email: k. naito. [emailprotected] com, k. [emailprotected] ecs. kyoto-u. ac. jp Received November 30, 2011; revised December 20, 2011; accepted December 28, 2011 ABSTRACT This paper presents a simple model to investigate the relationship among initial income inequality, education and economic growth. Public expenditure on education is determined through majority voting. Although preferences of individuals are not single-peaked, the individual with the median income becomes the decisive voter. Our model predicts that high initial inequality has a negative impact on education expenditure and therefore retards economic growth. Keywords: Income Inequality; Majority Voting; Human Capital Accumulation; Economic Growth 1. Introduction The relationship between initial levels of income inequality and economic growth is a central question in growth and development literature. Many political economists have addressed this question by analyzing how income inequality affects the size of redistribution. Standard politico-economic theories predict that, under majority voting, high income inequality is associated with a large scale of redistribution policies as the poor majority favors it. Persson and Tabellini [1] argue that income redistribution creates adverse incentive for investments and therefore high income inequality is harmful for growth. However, redistribution policies may promote economic growth if they are practiced through the provision of public goods that can enhance future productivity. We will write a custom essay sample on Mr. Ben specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Mr. Ben specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Mr. Ben specifically for you FOR ONLY $16.38 $13.9/page Hire Writer SaintPaul and Verdier [2] construct a model in which public education is the channel of redistribution. In their model, high income inequality implies strong support for public education, which facilitates human capital accumulation and economic growth. In contrast to these theories, the hypothesis that high inequality is associated with redistribution is not supported by data. For example, crosscountry regressions by Easterly [3,4] show that higher inequality leads to lower levels of public goods, education, per capita income and growth rates. This suggests the necessity for further investigations on how income inequality affects public policies and growth. This paper proposes a simple model to reconcile the theory and evidence, and analyzes the relationship among income inequality, human capital accumulation 1 and economic growth in a politico-economic framework. In the model, the heterogeneity of human capital across individuals is the only source of income inequality. We focus on two features of education. The first one is a fixed cost of education. We consider a situation in which individuals must pay tuition fees to have access to education services although they are provided by the government. This aspect of education is particularly relevant to post-compulsory education, such as high school and university education. The second feature is that the return from education is positively correlated with the level of human capital inherited from parents. 1 These two features play a key role in the determination of the size of education services under majority voting. The main result of this paper is that high initial levels of inequality cause less publicly provided education services, or lower tax rates. In our model, the individual with median income is the decisive voter although preferences for tax rates are not single-peaked. When inequality is high and the income of the median voter is low, he or she does not prefer a high tax rate to enhance education. This is because the median voter cannot cover the fixed cost of education or the private return from education is too low due to his or her low level of inherited human capital. High inequality is therefore harmful for human capital accumulation and growth, which is in contrast to the result of Saint-Paul and Verdier [2]. 2. The Model We consider an overlapping generations economy in which individuals live for two periods. They are heterogeneous only with respect to their human capital within TEL Many empirical studies such as Hanushek [5] find a positive effect of parental human capital on the return from education. Copyright  © 2012 SciRes. 110 K. NAITO ET AL. each generation. Each individual has one parent and one child, and the size of each generation is normalized to one. In the first period, individuals make no economic and political decisions, but receive education if their parents decide to invest in human capital of their children. In the second period, individuals inelastically supply their human capital to a final good sector and decide whether to invest in education for their children. Using human capital, h, the final good sector produces according to a linear production function, y = h, where y is the output. The final good market is perfectly competitive, and therefore, the wage for one unit of human capital is one. Individuals derive utility from consumption in their second period and human capital of their children. The preference of individual i born in period t are represented by a linear utility function, U ? cit ? 1 , hit ? 1 ? ? cit ? 1 ? hit ? 1 , government must hire teachers in the public education system. On the condition that the wage per teacher is equal to the average wage in the economy, the ratio Gt ? 1 ht represents the number of teachers in the public education system. From (3) and (4), human capital of individual i born in period t+1 who receives education is given by hit ? 1 ? ? t 1ht ? ht . 5) In contrast, individuals just inherit their parental human capital if their parents do not invest in education: hit ? 1 ? hit . (6) (1) where cit ? 1 and hit ? 1 are consumption in the period t + 1 and human capital of his/her child, respectively. The investment in education requires one unit of the final good as a fixed cost. Individuals must self-finance the cost because human capita l of their children is not valid collateral to lenders. The consumption of individual i born in period t is given by ? ?1 ? ? t ? 1 ? hit ? 1 if investing in education, cit ? 1 ? ? otherwise, ? ?1 ? ? t ? 1 ? hit Individuals with hit ? 1 ? ? ? t ? 1 ? ? H1 t ? 1 ? cannot afford to invest in education. The threshold H1 is increasing in ? t ? 1 . A high level of ? t ? 1 reduces disposable income of individuals and makes more individuals unable to invest in education. In contrast, individuals with hit ? H1 t ? 1 ? are able to invest in education. From (1), (2) and (5), the welfare of an individual with hit who chooses to have their children receive education is given by V E t ? 1 , hit ? ? ? 1 ? ? t ? 1 ? hit ? 1 ? ? t 1hit ? hit . (7) On the other hand, the welfare of an individual with hit who chooses not to invest in education is given by V N ? 1 , hit ? ? ? 1 ? ? t ? 1 ? hit ? hit . N (2) (8) where ? t ? 1 is the proportional labor income tax rate at period t+1. Remember that h it is the human capital of individual i born in period t, which is supplied to the final good sector at period t + 1. The government manages an education sector. By levying a labor income tax on parental individuals, the government finances public expenditure which raises the productivity of the education sector. Let the distribution of hit be denoted by Ft . The average human capital, ht , is then given by ht ? ? hit d Ft ? hit ? , and the tax revenue is ? ? 1ht . Assuming that the government budget is balanced in each period, we obtain Gt ? 1 ? ? t ? 1ht , The welfare function V is decreasing in ? t ? 1 since higher tax rates reduce the consumption in the second period. It is easy to see that individuals with hit ? 1 ? t 1 ? H 2 t ? 1 ? are willing to invest in education, while individuals with hit ? H 2 t ? 1 ? are not. Notice that the threshold H2 is decreasing in ? t ? 1 . An increase in ? t ? 1 raises the return on education, and thus, makes more individuals willing to inves t in education. 3. Preferred Tax Rates We proceed to analyze the characteristics of a politicoeconomic equilibrium in which the level of labor income tax rate is determined under majority voting. Since schoolage individuals do not participate in voting in many countries, we assume that only individuals in the second period have voting rights. To characterize the politicoeconomic equilibrium, we need to identify the tax rate that each individual prefers the most. Let us define ? ? and H by H1 ? ? H 2 ? and H ? H1 ? . ? and ? ? ? 0,1? , First of all, for any hit ? H t ? 1 hit ? max ? H1 t ? 1 ? , H 2 t ? (see Figure 1). Any indi? viduals with hit ? H are unwilling or unable to have their children receive education and therefore prefer ? t ? 1 ? 0 . We then investigate preferences of individuals with ? hit ? H . It is useful to define ? 1 ? hit ? and ? 2 ? hit ? by TEL (3) where Gt ? 1 is the public expenditure on the education sector. Individual i whose parent pays the fixed cost of education can have access to educa tion services and accumulate human capital according to the following human capital production function: ? G ? hit ? 1 ? ? t ? 1 ? hit ? hit , ? ? ? 0,1? . (4) ? ht ? Notice that the human capital production function depends on the ratio of public education expenditure to average human capital. The interpretation is as follows. The Copyright  © 2012 SciRes. ? K. NAITO ET AL. 111 Figure 1. The features of H1 and H2. ? 1 ? hit ? ? ? H1 ? ?1 ? hit ? ? 1 ? ? 1 , hit 1 ? 2 ? hit ? ? ? H 2 ? ?1 ? hit ? ? hit ? . For 0 ? ? t ? 1 ? ? 2 ? hit ? , an individual with hit is unwilling to invest in education because the return from education is too low. For ? 2 ? hit ? ? ? t ? 1 ? ? 1 ? hit ? , the individual is willing and able to invest in education. For ? 1 ? hit ? ? ? t ? 1 ? , the individual cannot afford to invest in education because of the high labor income tax rate. The ? welfare of individual i with hit ? H is summarized as ? V N t ? 1 , hit ? if ? W t ? 1 , hit ? ? ? V E t ? 1 , hit ? if ? V N , h ? if t ? 1 it ? Hence, these individuals prefer ? t ? 1 ? ? * if ? hit ? 1 ? ? * ? ? * ? and prefer ? t ? 1 ? 0 otherwise. ? ? ? ? ? In case (ii), i ndividuals with hit ? ? H , H1 ? * are ? * not able to invest in education at ? t ? 1 ? ? since ? 1 ? hit ? ? ? * . The welfare of these individuals is drawn in Figure 3(a). By simple calculations, we can see that ? V E 1 ? hit ? , hit ? ? V N ? 0, hit ? for any hit ? ? H , H1 ? * . ? ? ? Hence, such individuals always prefer ? t ? 1 ? 0 . Individuals with hit ? H1 ? * have their children receive education at ? t ? 1 ? ? * , and the welfare of such individuals are depicted in Figure 3(b). Similarly to case (i), these ? individuals prefer ? t ? 1 ? ? * if hit ? 1 ? ? * ? ? * ? and ? ? ? ? prefer ? t ? 1 ? 0 otherwise. We summarize the results of this section in Proposition 1. Proposition 1 Individual i with hit prefers ? t ? 1 ? ? * ? if hit ? 1 ? ? * ? ? * ? , and prefers ? t ? 1 ? 0 otherwise. ? ? ? ? ? ? ? ? ? ? ? ? ? 4. Majority Voting Equilibrium This section shows that the individual with median income is the decisive voter although the welfare of individuals over tax rates is not single-peaked as shown in Figures 2 and 3. The logic shares similarity with that of Glomm and Ravikumar [6]. Let hmt denote the human capital level of the individual with median income. If ? hmt ? 1 ? ? * ? ? * ? , then the individual with median in? ? ? ? come prefers ? t ? 1 ? 0 . Since individuals with hit ? hmt , who comprise of fifty percent of the total population, ? 2 ? hit ? ? ? t ? 1 ? ? 1 ? hit ? , ? 1 ? hit ? ? ? ? 1 ? 1. (9) 0 ? ? t ? 1 ? ? 2 ? hit ? , We define ? * by ? ? ?V E * ? , hit ? 0 ? ? * ? ? 1 ? ? 0,1? t ? 1 ? ? 1 in order to fully describe the preferred tax rate of individual i with hit . It is clearly evident that ? 1 ? hit ? , ? 2 ? hit ? and ? * satisfy the following relations: ? 2 ? hit ? ? ? * ? hit ? H 2 * ? , ? 1 ? hit ? ? ? * ? hit ? H1 * ? . There are two cases that need to be considered: (i) H1 ? * ? H 2 (? * ) and (ii) H 2 ? * ? H1 ? * . We start ? are with case (i). Individuals with hit ? ? H , H 2 ? * ? * unwilling to invest in education at ? t ? 1 ? ? since ? * ? ? 2 ? hit ? The welfare of such individuals is drawn in Figure 2(a). They prefer ? t ? 1 ? 0 . Individuals with hit ? H 2 ? * are willing to invest in education at ? t ? 1 ? ? * since ? 2 ? hit ? ? ? * . The welfare of such individuals is depicted in Figure 2(b). Simple calculations show 1 V E ? * , hit ? V N ? 0, hit ? ? hit ? . * ? ? * ? ? ? ? ? ? ? (a) ? ? ? ? ? ? (b) Figure 2. The welfare in case (i). TEL Copyright  © 2012 SciRes. 112 K. NAITO ET AL. human capital according to (5) with ? t ? ? * . In contrast, all individuals in lineage i such that hi 0 ? max H1 ? * , H 2 ? * ? ? ? ? ? ? just inherit their parental a) human capital in all periods, i. e. , hit ? hi 0 for all t ? 1 . ? If hm 0 ? 1 ? ? * ? ? * ? , then government expenditure ? ? ? ? on education is zero and no one can obtain education provided by the government. This situation continues and hit ? hi 0 for all t ? 1 and i. Proposition 3 summarizes these results. ? Proposition 3 If hm 0 ? 1 ? ? * ? ? * ? , then ? t ? ? * ? ? ? ? for all t ? 1 . All individuals in lineage i such that ? ? hi 0 ? max H1 ? * , H 2 ? * accumulate their human capital according to (5), while all individuals in lineage i ? ? ? ? such that hi 0 ? max H1 ? * , H 2 ? * (b) Figure 3. The welfare in case (ii). also prefer ? t ? 1 ? 0 , there exists no tax rate that obtains more than fifty p ercent votes to beat ? t ? 1 ? 0 . If ? hmt ? 1 ? ? * ? ? * ? , then the individual with median ? ? ? ? income prefers ? t ? 1 ? ? *. Since individuals with hit ? hmt , who constitute fifty percent of the total population, also prefer ? t ? 1 ? ? * , no tax rate gains a majority vote to beat ? t ? 1 ? ? * . Hence, the individual with median income is the decisive voter. Proposition 2 Under majority voting, ? t ? 1 ? ? * if hmt ? ? 1 ? ? * ? ? * ? , and ? t ? 1 ? 0 otherwise. ? ? ? ? ? ? never enhance ? heir inherited human capital. If hm 0 ? 1 ? ? * ? ? * ? , ? ? ? ? then hit ? hi 0 and ? t ? 0 for all t ? 1 and i. ? When hm 0 ? 1 ? ? * ? ? * ? , politically implemented ? ? ? ? public education accumulates the human capital of individuals in lineages whose initial human capital is greater ? ? ? ? ? ? ? ? than max H1 ? * , H 2 ? * growth. In ? ? ? ? , and it stimulates economi c contrast, when h ? 1 ? ? ? ? , public ? ? ? ? * ? * m0 ? ? 5. The Result As described in Introduction, empirical evidence shows that high income inequality is associated with lower levels of education, public good provision and per capita income. In contrast to the results of Saint-Paul and Verdier [2], our model predicts that high inequality leads to less government expenditure on education. In the model, whether human capital is accumulated and the economy grows over time depends on the initial distribution of human capital, or income distribution. To understand this point, it should be noted that the child of the median voter is the median voter in the next period because human capital evolves according to (5) and (6). ? ? I f hm 0 ? 1 ? ? * ? ? * ? , t h e n hmt ? 1 ? ? * ? ? * ? ? ? ? ? ? ? ? ? for all t ? 1 since human capital does not depreciate. Hence, ? t ? ? * for all t ? . All individuals in lineage i education is not implemented, and there is no human capital accumulation. These results imply that high initial inequality retards economic growth. This paper has analyzed the relationship among income inequality, education and economic growth by focusing on two features of education, fixed costs and positive correlat ion between the return from education and the level of inherited human capital. Fixed costs of education are particularly relevant for post-compulsory education. The analysis on situations in which compulsory and post-compulsory education coexist would be a fruitful direction for further research. REFERENCES [1] T. Persson and G. Tabellini, â€Å"Is Inequality Harmful for Growth? † American Economic Review, Vol. 84, No. 3, 1994, pp. 600-621. G. Saint-Paul and T. Verdier, â€Å"Education, Democracy and Growth,† Journal of Development Economics, Vol. 42, No. 2, 1993, pp. 399-407. doi:10. 1016/0304-3878(93)90027-K W. Easterly, â€Å"The Middle Class Consensus and Economic Development,† Journal of Economic Growth, Vol. 6, No. 4, 2001, pp. 317-335. doi:10. 1023/A:1012786330095 ? ? ? ? [2] such that hi 0 ? max H1 ? * , H 2 ? * Copyright  © 2012 SciRes. ? ? ? ? [3] accumulate their TEL K. NAITO [4] W. Easterly, â€Å"Inequality Does Cause Underdevelopment: Insights from a New Instrument,† Journal of Development Economics, Vol. 84, No. 2, 2007, pp. 755-776. doi:10. 1016/j. jdeveco. 2006. 11. 002 E. Hanushek, â€Å"The Economics of Schooling: Production and Efficiency in Public Schools,† Journal of Economic ET AL. Literature, Vol. 24, No. 3, 1986, pp. 1141-1177. [6] 113 [5] G. Glomm and B. Ravikumar, â€Å"Opting out of Publicly Provided Services: A Majority Voting Result,† Social Choice and Welfare, Vol. 15, No. 4, 1998, pp. 187-199. doi:10. 1007/s003550050099 Copyright  © 2012 SciRes. TEL