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Talent, Growth and Income Distribution

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  • Torvik, Ragnar

Abstract

A model with heterogeneous individuals and bequests between generations is constructed to analyze income distribution and educational choice. The introduction of an imperfection in the credit market is shown to influence the allocation of talent. Both ability and bequest are of relevance in deciding whether or not to invest in education. With learning by doing between generations, the allocation of talent affects not only the level of production but also the growth rate. Copyright 1993 by The editors of the Scandinavian Journal of Economics.

Suggested Citation

  • Torvik, Ragnar, 1993. " Talent, Growth and Income Distribution," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(4), pages 581-596, December.
  • Handle: RePEc:bla:scandj:v:95:y:1993:i:4:p:581-96
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    References listed on IDEAS

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    1. Alwyn Young, 1991. "Learning by Doing and the Dynamic Effects of International Trade," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 369-405.
    2. Oded Galor & Joseph Zeira, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Oxford University Press, vol. 60(1), pages 35-52.
    3. Baumol, William J., 1996. "Entrepreneurship: Productive, unproductive, and destructive," Journal of Business Venturing, Elsevier, vol. 11(1), pages 3-22, January.
    4. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1991. "The Allocation of Talent: Implications for Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 503-530.
    5. Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-867, June.
    6. Alwyn Young, 1991. "Learning by Doing and the Dynamic Effects of International Trade," NBER Working Papers 3577, National Bureau of Economic Research, Inc.
    7. 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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    Cited by:

    1. Kuo-Hsing Kuo & Cheng-Te Lee & Chen Fang, 2014. "Free Trade and Economic Growth," Australian Economic Papers, Wiley Blackwell, vol. 53(1-2), pages 69-76, June.
    2. Lei Delsen & Mark Schonewille, 1999. "Human Capital and Labour Productivity, Integration of Institutions and Endogenous Growth," HEW 9908001, EconWPA.
    3. Futagami, Koichi & Shibata, Akihisa, 1998. "Keeping one step ahead of the Joneses: Status, the distribution of wealth, and long run growth," Journal of Economic Behavior & Organization, Elsevier, vol. 36(1), pages 109-126, July.
    4. Elena Del Rey & Marìa del Mar Racionero, 2001. "Optimal educational choice and redistribution when cultural background matters," CSEF Working Papers 59, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    5. Murat F. Iyigun, 1995. "Economic development and intergenerational economic mobility," International Finance Discussion Papers 524, Board of Governors of the Federal Reserve System (U.S.).
    6. Osberg, L., 1995. "The Equity/Efficiency Trade-Off in Retrospect," Department of Economics at Dalhousie University working papers archive 95-04, Dalhousie, Department of Economics.
    7. Patricio S. Dalton & Sayantan Ghosal & Anandi Mani, 2016. "Poverty and Aspirations Failure," Economic Journal, Royal Economic Society, vol. 126(590), pages 165-188, February.
    8. Jose L Wynne, 2001. "Financial Frictions in Business Cycles, Trade and Growth," Levine's Working Paper Archive 625018000000000127, David K. Levine.
    9. Daniele Checchi, 1999. "Inequality in Incomes and Access to Education. A Cross-Country Analysis (1960-90)," Working Papers 21, University of Milano-Bicocca, Department of Economics, revised May 1999.
    10. Iyigun, Murat F, 1999. "Public Education and Intergenerational Economic Mobility," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(3), pages 697-710, August.
    11. Chicchi, D., 1999. "Inequality in Income and Access to Education: A Cross-Country Analysis," Research Paper 158, World Institute for Development Economics Research.
    12. Zweimueller, Josef & Brunner, Johann K., 1996. "Heterogeneous Consumers, Vertical Product Differentiation and the Rate of Innovation," Economics Series 32, Institute for Advanced Studies.

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