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Risk, entrepreneurship and human capital accumulation

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Author Info

  • Murat F. Iyigun
  • Ann L. Owen

Abstract

Entrepreneurial human capital plays a relatively more important role in intermediate income countries, but professional human capital is relatively more abundant in richer economies. Because the return to entrepreneurship is risky, individuals devote less time to the accumulation of entrepreneurial skills and more to the accumulation of professional skills as per capita income grows. Countries that initially have too little of either entrepreneurial or professional skills may end up in a development trap. The steady state may be characterized by either too much or too little education.

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File URL: http://www.federalreserve.gov/pubs/feds/1997/199737/199737abs.html
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File URL: http://www.federalreserve.gov/pubs/feds/1997/199737/199737pap.pdf
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Bibliographic Info

Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 1997-37.

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Date of creation: 1997
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Handle: RePEc:fip:fedgfe:1997-37

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Related research

Keywords: Risk ; Human capital;

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References

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  1. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October.
  2. Owen, Ann L. & Weil, David N., 1998. "Intergenerational earnings mobility, inequality and growth," Journal of Monetary Economics, Elsevier, vol. 41(1), pages 71-104, February.
  3. Mincer, Jacob, 1996. " Economic Development, Growth of Human Capital, and the Dynamics of the Wage Structure," Journal of Economic Growth, Springer, vol. 1(1), pages 29-48, March.
  4. Fershtman, C. & Murphy, K.M., 1993. "Social Status, Education and Growth," Papers 8-93, Tel Aviv.
  5. Pritchett, Lant, 1996. "Where has all the education gone?," Policy Research Working Paper Series 1581, The World Bank.
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