Accumulation and Distribution of Human Capital: The Interaction Between Individual and Aggregate Variables
نویسندگان
چکیده
The paper analyzes the joint evolution of accumulation and distribution of human capital in an OLG framework. Dynamics arises as a result of a continuous interplay between features of the 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 di¤erent dynamical behaviours linking growth and inequality; in general more equal economies grow faster, and with less social con‡icts, than the ones characterized by high inequality in the initial distribution, but several other cases are possible. Moreover, since the model provides an endogenous threshold for investing in human capital, the ...nal distribution is characterized by multimodality.
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