Jean-Marie Viaene () (Faculty of Economics, Erasmus University Rotterdam) Itzhak Zilcha () (The Eitan Berglas School of Economics, Tel Aviv University)
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The paper studies the effects of cross-country differences in the production process of human capital on income distribution and growth. Our overlapping gen- erations economy has the following features: (1) consumers are heterogenous with respect to parental human capital and wealth; (2) intergenerational transfers take place via parental education and, public investments in education financed by taxes (possibly, with a level determined by majority voting); (3) due to investment in human capital, which is a factor of production, we have endogenous growth. We explore several types of cross-country variations in the production of human capi- tal, some attributed to 'home-education' and others related to 'public-education', and their effect upon intragenerational income inequality and growth along the equilibrium path. We also indicate how the level of public education affects human capital formation and the conditions leading to poverty traps.
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Find related papers by JEL classification: D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving E25 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education
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