| Summary: | This paper examines the effects of transitioning from a plutocratic to a meritocratic university admission system on students and society. We develop a theoretical model to predict the socioeconomic impacts of this transition and validate our predictions using simulations and empirical data from Georgia, where education reform shifted university admissions from a plutocratic system to a meritocratic one, providing a natural experiment that enables us to validate predictions of our theoretical model. The findings demonstrate positive outcomes for individuals from low socioeconomic backgrounds, including improved educational attainment and increased labor income.
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