Human Capital and the Rise and Fall of Families
AbstractThis 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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Bibliographic InfoPaper 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
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Postal: University of Chicago. Population Research Center. NORC and the University of Chicago. 1155 E. 60th Street, Chicago, Illinois 60637.
Web page: http://www.spc.uchicago.edu/prc/
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Other versions of this item:
- Becker, Gary S & Tomes, Nigel, 1986. "Human Capital and the Rise and Fall of Families," Journal of Labor Economics, University of Chicago Press, vol. 4(3), pages S1-39, July.
- Gary S. Becker & Nigel Tomes, 1994. "Human Capital and the Rise and Fall of Families," NBER Chapters, in: Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education (3rd Edition), pages 257-298 National Bureau of Economic Research, Inc.
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