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Human Capital and the Rise and Fall of Families

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  • Gary S. Becker
  • Nigel Tomes

Abstract

This paper develops a model of the transmission of earnings, assets, and consumption from parents to descendants. The model assumes utility-maximizing parents who are concerned about the welfare of their children. The degree of intergenerational mobility is determined by the interaction of this utility-maximizing behavior with investment and consumption opportunities in different gene rations and with different kinds of luck. The authors examine a number of empirical studies for different countries. Regression to the mean in earnings in rich countries appears to be rapid. Almost all the earnings advantages or disadvantages of ancestors are wiped out in three generations. Copyright 1986 by University of Chicago Press.

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Paper provided by Chicago - Population Research Center in its series University of Chicago - Population Research Center with number 84-10.

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Publication status: Published in Journal of Labor Economics, v. 4, no. 3, Part 2 (July 1986): S1-S39
Handle: RePEc:fth:chiprc:84-10

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  1. What makes good parents?
    by fazeer in an economist in paradise on 2009-08-19 16:27:37
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