Doepke, Matthias () (University of California, Los Angeles) Zilibotti, Fabrizio () (Institute for International Economic Studies, Stockholm University)
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We model the decision problem of a parent who chooses an occupation and invests in the patience of her children. The two choices complement each other: patient individuals choose occupations with a steep income profile; a steep income profile, in turn, leads to a strong incentive to invest in patience. In equilibrium, society becomes stratified along occupational lines. The most patient people are those in occupations requiring the most education and experience. The theory can account for the demise of the British land-owning aristocracy in the nineteenth century, when rich landowners proved unable to profit from new opportunities arising with industrialization, and were thus surpassed by industrialists rising from the middle classes.
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Paper provided by Stockholm University, Institute for International Economic Studies in its series Seminar Papers with number
735.
Length: 67 pages Date of creation: 01 Apr 2005 Date of revision: Handle: RePEc:hhs:iiessp:0735
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Find related papers by JEL classification: N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913 O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration Z10 - Other Special Topics - - Cultural Economics - - - General
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