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Community structure and labour market segmentation in a stochastic model of

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  • Davide Fiaschi - Matteo Marsili

Abstract

We analyse an economy where heterogeneous agents are partitioned in communities and individual human capital accumulation, the source of growth, is the joint result of private investment in education, public expenditure and externalities within a community. We characterize the long-run growth rate and the distribution of human capital under alternative specifications regarding community structure, the method to finance public expenditure and labour market. The maximum growth rate is reached for a full integrated economy (just one community). In a stratified economy public expenditure financed by government is preferred to locally financed education. The segmentation of labour market has a negative effect on aggregate growth by decreasing the resources devoted to education

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Bibliographic Info

Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2004 with number 239.

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Date of creation: 11 Aug 2004
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Handle: RePEc:sce:scecf4:239

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Keywords: social interactions; human capital; neighbourhood effects; segmented labour market; taxation;

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  1. Marsili, Matteo & Maslov, Sergei & Zhang, Yi-Cheng, 1998. "Dynamical optimization theory of a diversified portfolio," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 253(1), pages 403-418.
  2. Benabou, Roland, 1996. "Equity and Efficiency in Human Capital Investment: The Local Connection," Review of Economic Studies, Wiley Blackwell, vol. 63(2), pages 237-64, April.
  3. Perotti, Roberto, 1996. " Growth, Income Distribution, and Democracy: What the Data Say," Journal of Economic Growth, Springer, vol. 1(2), pages 149-87, June.
  4. Charles F. Manski, 2000. "Economic Analysis of Social Interactions," NBER Working Papers 7580, National Bureau of Economic Research, Inc.
  5. Matteo Marsili & Sergei Maslov & Yi-Cheng Zhang, 1998. "Dynamical Optimization Theory of a Diversified Portfolio," Papers cond-mat/9801239, arXiv.org, revised Jan 1998.
  6. Galor, Oded & Zeira, Joseph, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Wiley Blackwell, vol. 60(1), pages 35-52, January.
  7. Akerlof, George A & Yellen, Janet L, 1990. "The Fair Wage-Effort Hypothesis and Unemployment," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 255-83, May.
  8. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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