Firstly, in terms of human welfare per economic value, the graduation approach is probably more effient. The received by graduates is received by people who were previously in poverty (and people close to them, particularly their children). I expect that Growth in general, like that experienced by China in the Deng Xiaoping period, is less efficiently distributed than the graduation approach. But I expect the efficiency factor is less than 10. So Hallestead and Hillebrandts position stands that critique.
2 immediate thoughts -
Firstly, in terms of human welfare per economic value, the graduation approach is probably more effient. The received by graduates is received by people who were previously in poverty (and people close to them, particularly their children). I expect that Growth in general, like that experienced by China in the Deng Xiaoping period, is less efficiently distributed than the graduation approach. But I expect the efficiency factor is less than 10. So Hallestead and Hillebrandts position stands that critique.
Secondly, H&H strawman the... (read more)