Risk, Entrepreneurship, and Human-Capital Accumulation
Entrepreneurial human capital plays a relatively more important role in intermediate income countries, but professional human capital is relatively more abundant in richer economies. Because the return to entrepreneurship is risky, individuals devote less time to the accumulation of entrepreneurial skills and more to the accumulation of professional skills as per capita income grows. Countries that initially have too little of either entrepreneurial or professional skills may end up in a development trap. The steady state may be characterized by either too much or too little education.
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Volume (Year): 88 (1998)
Issue (Month): 2 (May)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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"Intergenerational earnings mobility, inequality and growth,"
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Elsevier, vol. 41(1), pages 71-104, February.
- Ann L. Owen & David N. Weil, 1997. "Intergenerational Earnings Mobility, Inequality, and Growth," NBER Working Papers 6070, National Bureau of Economic Research, Inc.
- Pritchett, Lant, 1996. "Where has all the education gone?," Policy Research Working Paper Series 1581, The World Bank.
- Mincer, Jacob, 1996. "Economic Development, Growth of Human Capital, and the Dynamics of the Wage Structure," Journal of Economic Growth, Springer, vol. 1(1), pages 29-48, March.
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Levine's Working Paper Archive
2135, David K. Levine.
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