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Risky Human Capital Investment, Income Distribution, and Macroeconomic Dynamics

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  • Grossmann, Volker

    () (University of Fribourg)

Abstract

This paper analyzes the interaction between intergenerational wealth transmission, human capital investments under uninsurable labor income risk, and economic growth in a small open overlapping-generations economy with heterogeneous agents. It demonstrates how the role of the personal income distribution for an economy’s process of development through risky human capital accumulation depends on the shape of the saving function. Consistent with recent empirical evidence, the analysis suggests that the impact of higher inequality on the aggregate human capital stock, and thus, on growth may be positive. This result rests on two features of the model, which both are largely supported by empirical evidence. First, as shown under weak conditions, children’s human capital investments are positively affected by parents’ income. Second, the marginal propensity to save is increasing in income.

Suggested Citation

  • Grossmann, Volker, 2003. "Risky Human Capital Investment, Income Distribution, and Macroeconomic Dynamics," IZA Discussion Papers 955, Institute of Labor Economics (IZA).
  • Handle: RePEc:iza:izadps:dp955
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    1. Grossmann, Volker, 2008. "Risky human capital investment, income distribution, and macroeconomic dynamics," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 19-42, March.
    2. Zhaobin Fan & Ruohan Zhang & Xiaotong Liu, 2016. "Income inequality, entrepreneur formation, and the economic development: evidence from China," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 21(3), pages 444-464, July.
    3. Singh, Aarti, 2010. "Human capital risk in life-cycle economies," Journal of Monetary Economics, Elsevier, vol. 57(6), pages 729-738, September.
    4. Chen Lu & Mitsuyoshi Yanagihara, 2013. "Life Insurance, Human Capital Accumulation and Economic Growth," Australian Economic Papers, Wiley Blackwell, vol. 52(1), pages 52-60, March.
    5. Weiguang Liu, 2020. "Individual health perspective, income protection insurance coverage and human capital growth," Economics Bulletin, AccessEcon, vol. 40(1), pages 177-187.
    6. Nikos Benos, 2004. "Education Policies and Economic Growth," University of Cyprus Working Papers in Economics 4-2004, University of Cyprus Department of Economics.

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    More about this item

    Keywords

    risky education; saving function; growth; intergenerational transfers; income distribution;
    All these keywords.

    JEL classification:

    • I20 - Health, Education, and Welfare - - Education - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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