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Accumulation and Distribution of Human Capital: The Interaction between Individual and Aggregate Variables

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  • Massimo Giannini

    (University of Rome Tor Vergata)

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    Abstract

    The paper analyzes the joint evolution of accumulation and distribution of human capital in an OLG framework. Dynamics arises from the interplay between human capital distribution and individual variables - inherited human capital and inborn ability. Such interaction drives individual investment in human capital and accumulation in the economy. According to the initial distribution the model provides different dynamical behaviours linking growth and inequality; in general economies with a more equal initial distribution grow faster but other cases are possible. Moreover, since the model provides an endogenous threshold for investing in human capital, the distribution is characterized by multi- modality

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    File URL: http://128.118.178.162/eps/ge/papers/9901/9901002.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series GE, Growth, Math methods with number 9901002.

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    Length: 28 pages
    Date of creation: 24 Jan 1999
    Date of revision:
    Handle: RePEc:wpa:wuwpge:9901002

    Note: Type of Document - SW25; prepared on W98; pages: 28; figures: included
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    Web page: http://128.118.178.162

    Related research

    Keywords: Human Capital Bargaining Inequality Poverty-trap;

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    1. Galor, Oded & Tsiddon, Daniel, 1997. " The Distribution of Human Capital and Economic Growth," Journal of Economic Growth, Springer, vol. 2(1), pages 93-124, March.
    2. Benabou, Roland, 1996. "Heterogeneity, Stratification, and Growth: Macroeconomic Implications of Community Structure and School Finance," American Economic Review, American Economic Association, vol. 86(3), pages 584-609, June.
    3. Atkinson, A-B, 1996. "Bringing Income Distribution in from the Cold," Economics Papers 117, Economics Group, Nuffield College, University of Oxford.
    4. Daron Acemoglu, 1995. "Matching, Heterogeneity and the Evolution of Income Distribution," Working papers 95-25, Massachusetts Institute of Technology (MIT), Department of Economics.
    5. Cho, In-Koo & Sobel, Joel, 1990. "Strategic stability and uniqueness in signaling games," Journal of Economic Theory, Elsevier, vol. 50(2), pages 381-413, April.
    6. Cho, In-Koo & Kreps, David M, 1987. "Signaling Games and Stable Equilibria," The Quarterly Journal of Economics, MIT Press, vol. 102(2), pages 179-221, May.
    7. Galor, Oded & Zeira, Joseph, 1988. "Income Distribution and Macroeconomics," MPRA Paper 51644, University Library of Munich, Germany, revised 01 Sep 1989.
    8. Mark Gradstein & Moshe Justman, . "Democratic Choice of an Education System: Implications for Growth and Income Distribution," CARESS Working Papres 97-05, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
    9. Roland Bénabou, 1996. "Inequality and Growth," NBER Chapters, in: NBER Macroeconomics Annual 1996, Volume 11, pages 11-92 National Bureau of Economic Research, Inc.
    10. Perotti, Roberto, 1996. " Growth, Income Distribution, and Democracy: What the Data Say," Journal of Economic Growth, Springer, vol. 1(2), pages 149-87, June.
    11. Paz Espinosa, Maria & Rhee, Changyong, 1989. "Efficient Wage Bargaining as a Repeated Game," The Quarterly Journal of Economics, MIT Press, vol. 104(3), pages 565-88, August.
    12. Andrew Weiss, 1995. "Human Capital vs. Signalling Explanations of Wages," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 133-154, Fall.
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